Toyota Motor Credit Corporation kicks off 2013 issuance with plans to bring a $1 billion auto receivables-backed securitization deal.
The capital structure for Toyota Auto Receivables 2013-A Owner Trust includes $274 million class A-1 notes; $332.3 million class A-2 notes; $274.5 million class A-3 notes; $94.2 million class A-4 notes; and $25 million class B notes, according to a deal prospectus filed with the U.S. Securities and Exchange Commission on Friday.
The class A-1 notes, the class B notes and approximately 10% of each of the class A-2 Notes, the class A-3 notes and the class A-4 notes will be retained by Toyota on the closing date.
Bank of America Merrill Lynch, Morgan Stanley and RBS have been named joint bookrunners on the deal. BNP Paribas, Citigroup, Mizuho Securities and Siebert Capital Markets are co-managers on the deal.
Toyota has issued asset-backed securities since 1993. The underlying assets are consumer retail installment sales contracts originated by authorized Toyota and Lexus dealers in the United States. TMCC acts as servicer for all the underlying retail installment sales contracts. The issuer was last in the market in September 2012.