Toyota Motor Credit Co. priced its $1 billion deal dubbed Toyota Auto Receivables 2013-B Owner Trust on Tuesday evening.
According to a pricing term sheet, the triple-A rated, one-year average life, A2 notes priced at 14 basis points over the Eurodollar synthetic forward. The triple-A, 2.06-year, class A3 notes priced at 26 basis points over interpolated swaps.
The class A4 notes, also rated triple-A with a weighted average life of 3.34-years priced at 33 basis points over interpolated swaps. The notes all priced within initial guidance levels.
Toyota was last in the market in May with Toyota Auto Receivables 2013-A transaction. That deal priced at considerable tighter spreads.
The one-year, triple-A priced at 5 basis points over the EDSF and the two-year notes priced at 16 basis points interpolated swaps. The three-year notes priced at 18 basis points over interpolated swaps.
J.P Morgan, Barclays and Credit Agricole Securities are joint bookrunners; Citigroup, RBC Capital Markets, SMBC Nikko and Societe Generale are co-managers.
