Exhibit 99.1
COMMERCIAL PAPER An Issuer's Perspective March 12, 2015 1 |
Disclaimer This presentation includes certain "forward-looking statements" within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and currently available information. Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation. We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any offer or sale of securities will be made only by means of a prospectus or other offering materials and related documentation. Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www.toyotafinancial.com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www.twitter.com/toyotafinancial). We may update our social media channels from time to time on the investor relations section of our corporate website. 2 |
Disclaimer This presentation includes certain "forward-looking statements" within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and currently available information. Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation. We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase or subscribe for securities of TMCC in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any offer or sale of securities by TMCC will be made only by means of a prospectus and related documentation. Investors and prospective investors in securities of TMCC are required to make their own independent investigation and appraisal of the business and financial condition of TMCC and the nature of its securities. This presentation does not constitute a recommendation regarding securities of TMCC. Any prospective purchaser of securities in TMCC is recommended to seek its own independent financial advice. This presentation is made to and directed only at (i) persons outside the United Kingdom, or (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) as amended (such persons collectively being referred to as "Relevant Persons"). This presentation must not be acted or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this presentation relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This presentation is an advertisement and not a prospectus or offering document. Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www.toyotafinancial.com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www.twitter.com/toyotafinancial). We may update our social media channels from time to time on the investor relations section of our corporate website. 3 |
Investor Relations www.toyotafinancial.com www.pressroom.toyota.com SEC Filings [] Annual,10-K [] Quarterly,10-Q [] Current Reports, 8-K Sales & Trading Desk (800) 292-1147 [GRAPHIC OMITTED] 4 |
Global Corporate Structure [GRAPHIC OMITTED] 5 |
Toyota Across the USA [GRAPHIC OMITTED] 6 |
Toyota Motor Sales [GRAPHIC OMITTED] 7 |
Toyota Motor Sales [GRAPHIC OMITTED] 8 |
Toyota Motor Sales [GRAPHIC OMITTED] 9 |
TOYOTA FINANCIAL SERVICES 10 |
Toyota Financial Services [GRAPHIC OMITTED] 11 |
Extensive Field Organization [GRAPHIC OMITTED] 12 |
Products and Services [GRAPHIC OMITTED] 13 |
Balance Sheet Managed Assets Financial Liabilities --------------------------- -------------------------- * Retail * Secured notes & loans [] $40.7 billion payable * Lease [] $9.3 billion [] $28.7 billion * Unsecured notes and * Sold (ABS) loans payable [] $10.9 billion [] $51.1 billion * Wholesale & Other * Commercial Paper [] $16.0 billion [] $27.5 billion |
Commercial Paper 15 |
Fundamentals Short-term, unsecured promissory notes issued primarily by corporations Exempt from registration, under the Securities Act if maturity does not exceed 9 months 3(a)(3) vs. 4(a)(2) Fixed rate and floating rate Discount or interest-bearing 16 |
Credit Support Agreements Credit Support Agreements with TFSC/TMC(1) AA-, A-1+(2) /Aa3, P-1(2) rated captive finance company by S&P / Moody's $21.1 billion committed credit facilities(3) $6.6 billion short-term liquidity investment portfolio(4) Over $60 billion in readily salable consumer retail loan & lease receivables (1) The Credit Support Agreements do not apply to securitization transactions (2) Moody's and S&P long-tern and short-term ratings; outlook stable (3) Average balance for quarter ended December 31, 2014 (4) As of December 31, 2014 17 |
Pricing 18 |
Daily Pricing Goals Transparency Stability Consistency 19 |
Fixed Rate Pricing [GRAPHIC OMITTED] * This example is strictly for illustrative purposes only 20 |
Floating Rate Pricing 1 Choose Final Maturity and Basis i. 6 month vs. 9 month ii. 1-month LIBOR vs. 3-month LIBOR 2 Calculate Discount Margin 3 Determine First Coupon [GRAPHIC OMITTED] * This example is strictly for illustrative purposes only 21 |
Market Themes Fed Policy Regulatory Reform Supply and demand 22 |
Supply Example Total U.S. commercial paper outstanding balances are expected to decrease slightly in 2015 [GRAPHIC OMITTED] Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes 23 |
Demand Example Indicators of short-term excess cash suggest that demand will continue to exceed supply for money market products [GRAPHIC OMITTED] Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes 24 |
Nuts and Bolts No-Quote Dates * Manage to maximum dollar amount per day CP Axes * Relevant price breaks by tenor * Short dates, when available CP Specials * Driven by: [] Change in needs [] Asset growth [] CP maturities [] Just-in-time funding * This example is strictly for illustrative purposes only 25 |
Distribution Channels [GRAPHIC OMITTED] 26 |
Questions? [GRAPHIC OMITTED] 27 |
Thank you! 28 |