Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Zealand Issues $50 Million Of Bonds

24 November 2005

Toyota Finance New Zealand Issues $50 Million Of Bonds

Toyota Finance New Zealand Limited (“TFNZ”) trading as ("Toyota Financial Services" or "TFS") announced today the successful placement of NZ$50 million of 3 ½ year term bonds. The senior, unsecured notes, maturing 15 July 2009, will be issued on 28 November with a coupon of 7.19%, at a spread of 4 basis points over swaps.

Toyota Financial Services' Chief Financial Officer Brett Carrington said that TFS's issue benefited from Toyota’s excellent credit rating, a strong global brand, and its local profile as New Zealand’s number one selling automotive company for the last 17 years. “Local investors were very comfortable with the credit and our approach to the market. This resulted in strong demand for the bonds and the issue was twice oversubscribed.”

Toyota Financial Services is the largest captive automotive-distributor finance company in New Zealand with in excess of NZ$645 million of assets as at October 2005. The funds raised will be used to repay short-term debt and extend TFS's debt maturity profile in line with the maturity of its lending portfolio. “Toyota Financial Services continues to grow its business and we want to maintain our prudent liquidity mix in line with that growth”.

The issue was joint lead managed by ANZ Investment Bank and Deutsche Bank AG. The notes are rated AAA by Standard & Poor’s and Aaa by Moody’s Investor Services. These are S&P’s and Moody's highest ratings and reflect Toyota's exceptionally strong financial profile.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>