Paccar Heard with Price Reference

Paccar Financial Mexico is heard looking at issuance Volkswagen Bank and Toyota Financial Services Mexico as pricing reference points for a new MXP1bn ($76m) 2015 floating-rate bond, according to an investor following the transaction. The truck leasing operation is meeting with potential buyers ahead of a tentative September 5 price date. In July, Volkswagen Bank priced a MXP1bn 2016 bond at TIIE+45bp, while Toyota raised MXP1bn in 2015 floating rate notes at TIIE+33bp. BBVA Bancomer and Banamex are managing the deal, rated AAA on a national scale. It would be Paccar’s first domestic Mexican bond since 2008.