GT Capital’s Toyota Financial Services raises P5B from maiden bond sale

Toyota Financial Services Philippines Corp. (TFSPH), the financing arm of GT Capital Holdings, successfully raised P5 billion from its maiden fixed-rate bond issuance, following strong investor demand that reached 3.5 times the initial P2-billion offer.

The bonds, listed on the Philippine Dealing and Exchange Corp. (PDEx), form the first tranche of TFSPH’s P20-billion bond program. 

The bonds carry two- and three-year tenors with coupon rates of 5.7725 and 5.9418 percent, respectively. 

TFSPH received a PRS Aaa (Corp.) rating with a Stable Outlook from PhilRatings, with First Metro Investment Corp. and ING Bank as joint lead arrangers and bookrunners.

Management’s view 

“Our maiden issue in the Philippine capital markets marks a significant milestone in the company’s journey,” said TFSPH president Rommel J. Ocampo. 

“With over two decades of experience in the Philippine automotive financing industry and the full support of our shareholders – Toyota Financial Services Corporation and GT Capital Holdings – we are delighted by the overwhelming response from investors, which underscores the market’s trust and confidence in our stability and growth prospects,” he added. 

—Edited by Miguel R. Camus