Commentary & Deal Flow

Reoffer: 6.5yr: MS+78bp / 99.737 / 4.251%
Benchmark: 6.5yr: DBR 2.3 15-Feb-33 TWIN @ 94.025 / B+90.0bp

Tranche 1 (6.5yr): Final Books in excess of €2bn. Peak book over €2.2bn

Launched: 6.5yr: €750m @ MS+78bp - Books over €2.2bn
IPTs: 6.5yr: MS+105-110bp

• Issuer: Toyota Motor Credit Corporation (Ticker: TOYOTA | Country: US)
• Credit Support Providers: Toyota Motor Corporation, Toyota Financial Services Corporation
• Issuer LEI: Z2VZBHUMB7PWWJ63I008
• Issuer Ratings: A1 (Stable) / A+ (Stable) / A+ (Stable) (Moody's/S&P/Fitch)
• Exp. Issue Ratings:* A1 / A+ / A+ (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: EMTN Programme (Reg S, Category 2; Registered, NSS)
• Settlement: 24-Sep-26 (T+5)
• Currency: €
• Size: €750m
• Maturity Date: 24-Mar-33
• Tenor: 6.5 year
• Re-offer: MS+78 / 4.251% / 99.737
• Reference Benchmark: 90.0bps vs DBR 2.3 15-Feb-33 TWIN (@94.025 / 3.351%) HR: 102%
• Coupon: 4.2% Fixed, Annual, ACT/ACT (ICMA) (short first coupon)
• Business Days: TARGET, New York, and London
• Documentation: The Issuer's €60,000,000,000 EMTN Programme (Base Prospectus dated 11-Sep-26)
• Governing Law: English law – the Notes and EMTN Programme Documents / Japanese law – Credit Support Agreements
• Listing: London Stock Exchange, Main Market
• Denoms: €1k + €1k
• 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 point (8) of Article 2(1) of UK MiFIR and retail clients (where, for these purposes, a retail client means a client who is not a professional client). 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 optimisation as investment objective, and (5) a long term investment horizon. No EEA PRIIPs key information document (KID) or UK CCI product disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared.
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA apply
• Clearing: Euroclear / Clearstream, Luxembourg
• Optional Redemption: None (other than for tax reasons)
• Use of Proceeds: General corporate purposes
• Selling Restrictions: As set out in the Issuer's €60,000,000,000 EMTN Programme Base Prospectus dated 11-Sep-26. Non-exempt offers to the public in Austria, Germany, Luxembourg, Norway, the Netherlands and Ireland from “passporting” and publication of the Final Terms, expected to be published on 22-Sep-26, to 24-Sep-26. Elsewhere in the EEA, 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. Public Offers and Admissions to Trading Regulations: Offer conditional on admission to trading on the London Stock Exchange plc’s main market: The Issuer has authorised the making of offers to the public in the UK from and including 22-Sep-26 to 24-Sep-26 by authorised persons only. US - Regulation S, Category 2, TEFRA not applicable, not 144A eligible
• Active Bookrunners: BNPP / CA-CIB (B&D) / IMI - Intesa Sanpaolo / SocGen / UniCredit
• ISIN / Common Code: XS3511196753 / 351119675
• Timing: TOE 15:29 UKT | FTT 15:50 UKT