Toyota Financial Services Philippines Corp. (TFSPH), the automotive financing and leasing arm of GT Capital Holdings Inc., raised P5 billion from fixed-rate bonds, exercising an oversubscription option amid strong investor demand.
The company’s maiden bond offering was 3.5-times oversubscribed based on the minimum offer size of P2 billion, GT Capital said in a disclosure to the Philippine Stock Exchange Wednesday.
The significant market reception prompted TFSPH to exercise the P3-billion oversubscription option and close the offer period ahead of schedule.
“Our maiden issue in the Philippine capital markets marks a significant milestone in the company’s journey,” said TFSPH president Rommel Ocampo.
He said the strong demand underscores the market’s trust and confidence in the company’s stability and growth prospects.
Ocampo further noted, “This achievement reinforces our commitment to supporting Toyota customers and dealer partners nationwide and establishes us as an even more competitive leader in the industry.”
The bonds, which were listed on the Philippine Dealing and Exchange Corporation (PDEx), comprise two-year Series A bonds with a coupon rate of 5.7725 percent per annum and three-year Series B bonds with a coupon rate of 5.9418 percent per annum.
The issuance is the first tranche under TFSPH’s P20 billion bond program approved by the Securities and Exchange Commission. TFSPH received an issuer credit rating of PRS Aaa (Corp.) with a stable outlook from Philippine Rating Services Corp.
First Metro Investment Corp., which is also part of the GT Capital group, and ING Bank N.V. Manila Branch (ING) are the joint lead arrangers and bookrunners for the transaction.
They also served as selling agents for the offering along with Metropolitan Bank & Trust Company and BPI Capital Corp.
 successfully raises P5 billion from its maiden fixed-rate bond offering, which was 3.5-times oversubscribed, underscoring strong investor confidence.){kind=link}