Toyota Preps MXP Bond

Toyota Financial Services Mexico is preparing to issue up to MXP1bn ($74m) in the domestic bond market on May 30, according to a regulatory document. The bonds would be the third issuance under a MXP10bn program, and pay a spread to the TIIE benchmark. Proceeds would be used to fund lending and operational needs. BBVA Bancomer and Banamex are managing the transaction, rated AAA on a national scale. In June 2009, Toyota Financial Services sold MXP1bn in 18-month notes at TIIE+180bp.