Toyota backs the truck up again

Just a couple of days ago YieldReport informed readers of Toyota Finance (Netherlands) issuing AUD-denominated bonds into the euro bond market, most likely taking advantage of a currency/interest rate swap anomaly. This time it’s Toyota Finance Australia’s turn but instead, the bonds have been sold in the US market. The USD$66 million worth of bonds have a March 2020 maturity and carry a coupon of 1.18%. Corporate issuance went into hibernation during the recent bout of financial market turmoil but recently few high quality issuers have decided to take advantage of record-low benchmark rates. Toyota Finance, with a AA+ rating from Standard & Poor’s, is one of those high quality issuers which has the ability to issue bonds in almost any sort of environment.