Bangkok--Jul 11--HSBC
Toyota Leasing (Thailand) Co., Ltd. (TLT), the largest captive automotive leasing company in Thailand has successfully completed the book building process for its third domestic Thai Baht bond offering. The 3-year bond worth 2 billion baht is the third issue off the company’s 30 billion baht Medium-Term Notes (MTN) programme fully guaranteed by Toyota Motor Finance (Netherlands) B.V., a company rated AAA/Aaa by S&P and Moody's respectively. Based on the guarantee, the MTN programme was assigned a AAA rating by local credit rating agency TRIS. HSBC and Bangkok Bank Public Company Limited were joint-bookrunners for this bond issue.
The book building range for the coupon was set at 3.61% to 3.81%, representing a spread of 27 to 47 bps over the 3-year Treasury rate on the eve of the book building date.
Institutional investor demand totalled approximately 4 billion baht with nearly 30 investors participating in the book building exercise. As a result, the coupon for the issue was finally set at 3.71% equivalent to 3-year Treasuries plus 37 bps on the day.
Stephen Williams, Head of Debt Finance and Advisory for Asia-Pacific at HSBC commented "HSBC is honored to have once again had the opportunity to handle Toyota’s issue. We are very pleased with the great success of this transaction, which is again a testament to the exceptional credit quality of the issuer and the dedication of Toyota's management in engaging with investors. It is another example of a blue chip multi-national raising cost effective onshore financing in a highly transparent manner".
Both Toyota Leasing (Thailand) Co., Ltd. and Toyota Motor Finance (Netherlands) B.V. are subsidiaries of Toyota Financial Services Corporation, which is a wholly owned subsidiary of Toyota Motor Corporation, the group parent company.
Notes to editors:
1. HSBC in Thailand
HSBC was established as the first commercial bank in Thailand in 1888. With access to global expertise and enriched local knowledge, HSBC in Thailand provides a full range of financial services including corporate and institutional banking, global markets, securities services, trade finance, payment and cash management services to corporate customers; personal financial services and credit cards to a growing retail customer base in Thailand. HSBC is globally recognised for its high service standards, ethical practices and full commitment to corporate social responsibilities to benefit the local economy.
2. HSBC Holdings plc or the HSBC Group
Headquartered in London, the HSBC Group is one of the largest banking and financial services organisations in the world. The Group’s international network comprises over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa, serves over 110 million customers and has assets of US$1,277 billion at 31December 2004. The Hongkong and Shanghai Banking Corporation Limited (HSBC) is the founding and principal member of the HSBC Group.
For more information please contact:
Tanapot Parksuwan on 02-614-4869-74 End.