Commentary & Deal Flow

Reoffer: 4yr: MS+53bp / 99.793 / 3.306%
Benchmark: 4yr: OBL 2.4 30 #191 @ 99.080 / B+66.1bp / HR 99%

Final Books above €1.8bn. Peak book above €1.9bn (pre-rec)

Launched: 4yr: €750m @ MS+53bp - Books above €1.9bn (good at tight-end of guidance, pre-rec)
Guidance: 4yr: MS+55a (+/-2 WPIR) - Books above €2.3bn (pre-rec)
IPTs: 4yr: MS+80-85bp

• Issuer: Toyota Motor Finance (Netherlands) B.V. (Ticker: TOYOTA, Country: NL)
• Issuer LEI: 724500OPA8GZSQUNSR96
• Credit Support Providers: Toyota Motor Corporation and Toyota Financial Services Corporation
• Issuer Ratings: A1 (stable) / A+ (stable) (Moody's/S&P)
• Expected Issue Ratings: A1 / A+ (Moody's/S&P)
• Format and Ranking: Senior, Unsecured, Reg S Bearer, NGN
• Size and Currency: €750m
• Settlement: 23-Apr-26 (T+6)
• Expected Maturity / Tenor: 23-Apr-30 / 4yr
• Re-offer: MS+53 / 3.306% / 99.793
• Benchmark: OBL 2.4 30 #191 + 66.1bps (bid px: 99.080). HR 99%
• Coupon: 3.250% Fixed, Annual, ACT/ACT (ICMA)
• ISIN / Common Code: XS3349981426 / 334998142
• Documentation: The Issuer’s €60,000,000,000 Euro Medium Term Note Programme, including Base Prospectus dated 12-Sep-25, as supplemented by the Supplementary Prospectuses dated 07-Nov-25, 02-Dec-25, 16-Jan-26, 09-Feb-26, 11-Mar-26 and 07-Apr-26
• Denoms / Listing: €1k + €1k / London Stock Exchange (Main Market)
• Governing Law: English law – the Notes and EMTN Programme Documents Japanese law – Credit Support Agreements
• Covenants: Pari Passu, no Negative Pledge, no Cross Default
• Optional Redemption: None (other than for tax reasons)
• Use of Proceeds: General corporate purposes, or the Issuer may also use part of the proceeds for the purpose of posting collateral with third party hedge providers rather than for the purpose of on-lending to other Toyota companies
• Target Market: The MiFID II target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in MiFID II. The UK MiFIR target market for the Notes is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS), professional clients, as defined in UK MiFIR, and retail clients, as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended. All channels for distribution of the Notes to eligible counterparties and professional clients are appropriate; and the following channels for distribution of the Notes to retail clients are appropriate – investment advice, portfolio management, non-advised sales and pure execution services – subject to the distributor’s suitability and appropriateness obligations under MiFID II or COBS, as applicable. The targeted investors are expected to have (1) at least basic knowledge and/or experience with financial products, (2) the ability to bear losses resulting from interest rate changes and no capital loss bearing capacity if held to maturity, (3) a low risk profile, (4) a general capital formation/ asset optimization as investment objective, and (5) a medium term investment horizon. No EEA PRIIPs or UK PRIIPS key information document (KID) is required.
• Selling Restrictions: As set out in the Issuer’s €60,000,000,000 EMTN Programme Base Prospectus dated 12-Sep-25. Non-exempt offers to the public in Austria, Germany, Luxembourg, Norway, the Netherlands, the UK and Ireland from “passporting” and publication of the Final Terms, expected to be published on 21-Apr-26 to 23-Apr-26. Elsewhere, offers to qualified investors (as defined in the Prospectus Regulation) only and no action has been or may be taken to permit a public offer. US - Regulation S, Category 2, TEFRA D, not 144A eligible
• Stabilisation: Not Applicable
• Singapore Product Classification: Notification under Section 309B of the Securities and Futures Act 2001 of Singapore – In connection with Section 309B of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the SFA) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are prescribed capital markets products (as defined in the CMP Regulations 2018) and are Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
• Joint Lead Managers: Barclays, BBVA, Citi (B&D), ING, Standard Chartered Bank AG
• Timing: Priced. TOE 15h36 UKT. FTT 15h50 UKT
• Advertisement: The Base Prospectus dated 12-Sep-25 and the Supplementary Prospectuses dated 07-Nov-25, 02-Dec-25, 16-Jan-26, 09-Feb-26, 11-Mar-26 and 07-Apr-26 are available at https://www.rns-pdf.londonstockexchange.com/rns/1831Z_1-2025-9-12.pdf , https://www.rns-pdf.londonstockexchange.com/rns/7090G_1-2025-11-7.pdf, https://www.rns-pdf.londonstockexchange.com/rns/9273J_1-2025-12-2.pdf, https://www.rns-pdf.londonstockexchange.com/rns/2762P_1-2026-1-16.pdf, https://www.rns-pdf.londonstockexchange.com/rns/2807S_1-2026-2-9.pdf, https://www.rns-pdf.londonstockexchange.com/rns/2433W_1-2026-3-11.pdf, http://www.rns-pdf.londonstockexchange.com/rns/4985Z_1-2026-4-7.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange https://www.londonstockexchange.com/live-markets/market-data-dashboard/price-explorer?issuers=TOTFN&world=issuers