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Toyota Motor Credit issues 1st SOFR to raise USD 500m

Nov 06, 2018 - Banking and Credit News

Toyota Motor Credit Corporation (TMCC) has announced it has issued its first Secured Overnight Financing Rate (SOFR) commercial paper transaction, and is advancing its reputation as an industry leader, the company said.

The three-month USD-denominated issuance raised USD 500 million from institutional investors, and represents the first non-bank SOFR-linked commercial paper transaction in the USD market.

As the financial markets' dependence on the London Interbank Offered Rate (LI...