Toyota Financial Services México places MXN 2,300 million (USD 124 million) in two-tranche notes on the BMV

Toyota Financial Services México placed MXN 2,300 million (USD 124 million) in long-term notes (certificados bursátiles) on the Bolsa Mexicana de Valores (BMV), in two tranches: TOYOTA 26-3, at a floating rate, and TOYOTA 26-4, at a fixed rate. They are the third and fourth issues under its program of up to MXN 20,000 million (USD 1,082 million). The book closed on October 14 and settlement is on October 16, 2026.

The terms

• Amount: MXN 2,300 million (USD 124 million), including a 25% over-allotment in each tranche. TOYOTA 26-3: MXN 1,548.75 million (USD 83.8 million), of which MXN 309.75 million (USD 16.8 million) is over-allotment. TOYOTA 26-4: MXN 751.25 million (USD 40.6 million), with an over-allotment of MXN 150.25 million (USD 8.1 million). The notices do not report demand.
• TOYOTA 26-3: 1,288 days (about 3.5 years), maturing on April 26, 2030, at compounded TIIE de Fondeo plus 56 basis points. Interest every 28 days.
• TOYOTA 26-4: 1,638 days (about 4.5 years), maturing on April 11, 2031, at a fixed 8.82%: 65 basis points over the interpolated M Bono rate (8.17%) on the book-closing date. Interest every 182 days.
• Amortization: two equal payments per tranche. The first, of 50%, after 2.5 years (26-3) or 3.5 years (26-4); the rest at maturity. The issuer kept a voluntary early redemption option.
• Security: unsecured, with no collateral or personal guarantee.
• Ratings: AAA(mex) from Fitch México and mxAAA from S&P Global Ratings, for both tranches.
• Placement agents: Casa de Bolsa Santander and Scotia Inverlat Casa de Bolsa. Common representative: Banco Multiva.

Toyota Financial Services México provides loans and leases for the purchase of the brand’s vehicles. Net proceeds from both tranches total MXN 2,293.6 million (USD 124 million). The notes were placed through a bookbuilding process. The notices do not detail the use of proceeds.

Why it matters

Auto finance companies issue debt on the securities market to lend to buyers and dealers. Toyota paid 56 basis points over 3.5 years with no parent guarantee. Earlier this month, Volkswagen Leasing paid 95 basis points over three years with a guarantee from its German parent. Both are rated AAA. This week, Arrendadora Actinver paid 170 basis points over two years, rated AA-.

The fixed tranche is the other signal. A third of the placement was locked at 8.82% for 4.5 years, 65 basis points over the government bond. For a company or developer weighing an issue, that spread is the starting point; rating, issue size and guarantees are added on top.

What to review

• Whether your debt is floating or fixed, and what it would cost to fix it today against the M Bono curve.
• What rating your own issue could obtain and how much spread that implies over an AAA issuer.
• Whether partial amortizations, like those in these tranches, fit your cash flows better than a single payment at maturity.

At Borax Capital we negotiate funding with banks, development banks and funds, and structure debt placements so companies reach the market with the documentation investors require.

US dollar amounts converted at Banco de México’s FIX rate of October 14, 2026 (MXN 18.4888 per USD). Source: placement notices for TOYOTA 26-3 and TOYOTA 26-4, Bolsa Mexicana de Valores, October 14, 2026. Information from public sources; the mention does not imply any commercial relationship. This content is for information only and is not investment advice or an offer of securities.

This content is for informational purposes only and does not constitute investment advice or an offer of securities.