Attached files
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| 8-K - FORM 8-K - TOYOTA MOTOR CREDIT CORP | dp54322_8k.htm |
Exhibit 99.1
COMMERCIAL PAPER
An Issuer's Perspective
March 12, 2015
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Disclaimer
This presentation includes certain "forward-looking statements" within the
meaning of The U.S. Private
Securities Litigation Reform Act of 1995.
These statements are based on current expectations and currently available
information.
Actual results may differ materially from these expectations due to certain
risks, uncertainties and other important factors, including the risk factors
set forth in the most recent annual and periodic reports of Toyota Motor
Corporation and Toyota Motor Credit Corporation.
We do not undertake to update the forward-looking statements to reflect actual
results or changes in the factors affecting the forward-looking statements.
This presentation does not constitute an offer to sell or a solicitation of an
offer to purchase any securities. Any offer or sale of securities will be made
only by means of a prospectus or other offering materials and related
documentation.
Investors and others should note that we announce material financial
information using the investor relations section of our corporate website
(http://www.toyotafinancial.com) and SEC filings. We use these channels, press
releases, as well as social media to communicate with our investors, customers
and the general public about our company, our services and other issues. While
not all of the information that we post on social media is of a material
nature, some information could be material. Therefore, we encourage investors,
the media, and others interested in our company to review the information we
post on the Toyota Motor Credit Corporation Twitter Feed
(http://www.twitter.com/toyotafinancial). We may update our social media
channels from time to time on the investor relations section of our corporate
website.
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Disclaimer
This presentation includes certain "forward-looking statements" within the
meaning of The U.S. Private Securities Litigation Reform Act of 1995. These
statements are based on current expectations and currently available
information.
Actual results may differ materially from these expectations due to certain
risks, uncertainties and other important factors, including the risk factors
set forth in the most recent annual and periodic reports of Toyota Motor
Corporation and Toyota Motor Credit Corporation.
We do not undertake to update the forward-looking statements to reflect actual
results or changes in the factors affecting the forward-looking statements.
This presentation does not constitute or form part of and should not be
construed as, an offer to sell or issue or the solicitation of an offer to
purchase or subscribe for securities of TMCC in any jurisdiction or an
inducement to enter into investment activity in any jurisdiction. Neither this
presentation nor any part thereof, nor the fact of its distribution, shall form
the basis of, or be relied on in connection with, any contract or commitment or
investment decision whatsoever. Any offer or sale of securities by TMCC will be
made only by means of a prospectus and related documentation.
Investors and prospective investors in securities of TMCC are required to make
their own independent investigation and appraisal of the business and financial
condition of TMCC and the nature of its securities. This presentation does not
constitute a recommendation regarding securities of TMCC. Any prospective
purchaser of securities in TMCC is recommended to seek its own independent
financial advice.
This presentation is made to and directed only at (i) persons outside the
United Kingdom, or (ii) qualified investors or investment professionals falling
within Article 19(5) and Article 49(2)(a) to (d) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (iii) high
net worth individuals, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv)
persons who are "qualified investors" within the meaning of Article 2(1)(e) of
the Prospectus Directive (Directive 2003/71/EC) as amended (such persons
collectively being referred to as "Relevant Persons"). This presentation must
not be acted or relied on by persons who are not Relevant Persons. Any
investment or investment activity to which this presentation relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons.
This presentation is an advertisement and not a prospectus or offering
document.
Investors and others should note that we announce material financial
information using the investor relations section of our corporate website
(http://www.toyotafinancial.com) and SEC filings. We use these channels, press
releases, as well as social media to communicate with our investors, customers
and the general public about our company, our services and other issues. While
not all of the information that we post on social media is of a material
nature, some information could be material. Therefore, we encourage investors,
the media, and others interested in our company to review the information we
post on the Toyota Motor Credit Corporation Twitter Feed
(http://www.twitter.com/toyotafinancial). We may update our social media
channels from time to time on the investor relations section of our corporate
website.
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Investor Relations
www.toyotafinancial.com
www.pressroom.toyota.com
SEC Filings
[] Annual,10-K
[] Quarterly,10-Q
[] Current Reports, 8-K
Sales & Trading Desk
(800) 292-1147
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Global Corporate Structure
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Toyota Across the USA
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Toyota Motor Sales
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Toyota Motor Sales
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Toyota Motor Sales
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TOYOTA FINANCIAL
SERVICES
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Toyota Financial Services
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Extensive Field Organization
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Products and Services
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Balance Sheet
Managed Assets Financial Liabilities
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* Retail * Secured notes & loans
[] $40.7 billion payable
* Lease [] $9.3 billion
[] $28.7 billion * Unsecured notes and
* Sold (ABS) loans payable
[] $10.9 billion [] $51.1 billion
* Wholesale & Other * Commercial Paper
[] $16.0 billion [] $27.5 billion
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Commercial Paper
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Fundamentals
Short-term, unsecured promissory notes issued primarily by corporations
Exempt from registration, under the Securities Act if maturity does not exceed
9 months
3(a)(3) vs. 4(a)(2)
Fixed rate and floating rate
Discount or interest-bearing
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Credit Support Agreements
Credit Support Agreements with TFSC/TMC(1)
AA-, A-1+(2) /Aa3, P-1(2) rated captive finance company by S&P / Moody's
$21.1 billion committed credit facilities(3)
$6.6 billion short-term liquidity investment portfolio(4)
Over $60 billion in readily salable consumer retail loan & lease receivables
(1) The Credit Support Agreements do not apply to securitization transactions
(2) Moody's and S&P long-tern and short-term ratings; outlook stable
(3) Average balance for quarter ended December 31, 2014
(4) As of December 31, 2014
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Pricing
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Daily Pricing Goals
Transparency
Stability
Consistency
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Fixed Rate Pricing
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* This example is strictly for illustrative purposes only
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Floating Rate Pricing
1 Choose Final Maturity and Basis
i. 6 month vs. 9 month
ii. 1-month LIBOR vs. 3-month LIBOR
2 Calculate Discount Margin
3 Determine First Coupon
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* This example is strictly for illustrative purposes only
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Market Themes
Fed Policy
Regulatory Reform
Supply and demand
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Supply Example
Total U.S. commercial paper outstanding balances are expected to decrease
slightly in 2015
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Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes
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Demand Example
Indicators of short-term excess cash suggest that demand will continue to
exceed supply for money market products
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Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes
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Nuts and Bolts
No-Quote Dates
* Manage to maximum dollar amount per day
CP Axes
* Relevant price breaks by tenor
* Short dates, when available
CP Specials
* Driven by:
[] Change in needs
[] Asset growth
[] CP maturities
[] Just-in-time funding
* This example is strictly for illustrative purposes only
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Distribution Channels
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Questions?
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Thank you!
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