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.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>



Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>


Retail: New Law Paves Way For Greater Supermarket Competition

Legislation that bans major supermarkets from blocking their competitors’ access to land to set up new stores paves the way for greater competition in the sector, Minister of Commerce and Consumer Affairs Dr David Clark said... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>