Toyota Prices MXP Bond

Toyota Financial Services Mexico has sold MXP1bn ($71m) in domestic bonds, in a third issuance under a MXP10bn program. The 3-year notes priced at TIIE+33bp. The level sets a new benchmark for peers that have normally paid in the TIIE+50bp range, a banker on the deal says. The deal was heard 3.8x oversubscribed, with mutual funds, retail investors, and Afores heard participating. Proceeds will help refinance MXP1bn due in November 2012. BBVA Bancomer and Banamex managed the transaction, rated AAA on a national scale. In June 2009, Toyota Financial Services sold MXP1bn in 18-month notes at TIIE+180bp.