Toyota Financial Services Philippines Corp. (TFSPH), the automotive financing and leasing arm of GT Capital Holdings Inc., began its maiden bond offer on Monday, aiming to raise P2 billion from the debt market.
In a regulatory filing on Monday, GT Capital said TFSPH’s issuance would involve two-year bonds and three-year bonds, with fixed rates of 5.7725 percent and 5.9418 percent, respectively.
‘TFSPH will use the proceeds to further diversify its funding sources and support its anticipated asset growth,’ the Ty-led conglomerate noted in its disclosure.
The bond offer period will run from Oct. 6 to Oct. 13. First Metro Investment Corp. and ING bank NV Manila Branch were tapped as joint lead arrangers and bookrunners. They are also the selling agents, along with Metropolitan Bank and Trust Co. and BPI Capital Corp.
Philippine Rating Services Corp. earlier issued a PRS Aaa (corp.) with a stable outlook rating for TFSPH.
This is its highest issuer credit rating, indicating that TFSPH has a ‘very strong’ capacity to meet its financial commitments.
In giving this rating, PhilRatings said it had considered TFSPH’s ‘strong and highly supportive’ shareholders, the Toyota franchise, its ‘good’ asset quality and sustained revenue growth due to the expansion of its loan portfolio./tad