Toyota Financial Services (TFS) Issues Fifth Diversity & Inclusion Bond; Promotes Diversity on Wall Street
$750 million bond offers minority-owned brokerages lead underwriting opportunity
Toyota Financial Services (TFS), a longtime leader in Corporate Social Responsibility (CSR), issued its fifth Diversity & Inclusion (D&I) Bond in the amount of $750 million. Enabling diverse underwriting firms the ability to strengthen their experience working on high profile deals, this two-year fixed rate D&I Bond not only serves as an integral component of Toyota’s comprehensive funding program, but also enhances Toyota’s platform for diversity by placing a spotlight on high-quality Minority- and Women-Owned Business Enterprise (MWBE) certified firms.
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TFS’ fifth D&I Bond syndication builds upon its longstanding relationships with MWBE brokers by elevating their stature in the transaction, providing them an opportunity to take the lead underwriting role on a bond. It also strengthens the relationship these firms have with their own investors by expanding their access to a primary bond offering.
The lead book-building managers in this transaction consisted entirely of African-American-, Hispanic-, and women-owned broker-dealers, each sharing Toyota’s commitment to giving back to the community. They included Blaylock Van, LLC; CastleOak Securities, L.P.; Great Pacific Securities; Ramirez & Co., Inc.; and Siebert Williams Shank. Furthermore, these firms have worked closely with TFS as advocates for diversity and inclusion within the industry through participation in industry events, panel presentations, and previously issued D&I Bonds.
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“The corporate leadership Toyota Financial Services has demonstrated with their commitment to D&I issuances is unrivaled,” said David Jones, President & CEO of CastleOak Securities. “This offering marks their fifth D&I issuance totaling $3 billion, and will stand out not only because of the utilization of minority-owned firms as bookrunners, but also for the pricing with the lowest two-year fixed rate coupon to date. This highlights the fact that prioritizing diversity can lead to remarkable performance.”
“Siebert Williams Shank appreciates the opportunity to be a part of Toyota’s fifth D&I transaction,” said Suzanne Shank, President & CEO of Siebert Williams Shank. “Our inclusion in a Joint Book-Running Manager role is a testament to Toyota’s leadership and continued commitment to diversity in the corporate capital markets, and our ability to contribute meaningfully to the success of the financing.”
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