Toyota Financial Services Philippines Corp. (TFSPH), the automotive financing and leasing arm of conglomerate GT Capital Holdings Inc., has raised P5 billion from its maiden bond offer.
This issuance allowed TFSPH to tap a wider investor base.
In a regulatory filing on Wednesday, GT Capital said the fixed-rate bonds, composed of two-year bonds issued at a rate of 5.7725 percent and three-year bonds at 5.9418 percent, were listed on Tuesday, Oct. 21.
‘With over two decades of experience in the Philippine automotive financing industry and the full support of our shareholders . we are delighted by the overwhelming response from investors, which underscores the market’s trust and confidence in our stability and growth prospects,’ TFSPH president Rommel Ocampo said in a statement on Wednesday.
P20-B bond program
The offer represents the first tranche of its P20-billion bond program. TFSPH received an issuer credit rating of PRS Aaa (Corp). with a stable outlook from Philippine Rating Services Corp. This suggests that TFSPH has a ‘very strong’ capacity to meet its financial commitments.
GT Capital earlier said proceeds from the offer would be used to diversify TFSPH’s funding sources and support the latter’s anticipated asset growth. /dda