FORM 8-K TOYOTA MOTOR CREDIT CORPORATION

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 11, 2015 TOYOTA MOTOR CREDIT CORPORATION (Exact name of registrant as specified in its charter) California (State or other jurisdiction of incorporation) S. Western Avenue Torrance, California (Address of principal executive offices) (Commission File Number) (IRS Employer Identification No.) (Zip Code) Registrant's telephone number, including area code: (310) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item 7.01 Regulation FD Disclosure. Toyota Motor Credit Corporation has prepared materials for a presentation at a conference. The materials are furnished (not filed) as Exhibit 99.1 to this Current Report on Form 8-K pursuant to Regulation FD. Item 9.01 Financial Statements and Exhibits Commercial Paper Presentation of Toyota Motor Credit Corporation (furnished pursuant to Regulation FD) 2

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TOYOTA MOTOR CREDIT CORPORATION Date: March 11, 2015 By: /s/ Katherine Adkins Katherine Adkins Secretary 3

4 Exhibit Index 99.1 Commercial Paper Presentation of Toyota Motor Credit Corporation (furnished pursuant to Regulation FD) 4

5 COMMERCIAL PAPER: An Issuer s Perspective March 12, 2015

6 Disclaimer This presentation includes certain forward-looking statements within the meaning of The U.S. Private Securities Litigation Reform Act of 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 ( 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 ( We may update our social media channels from time to time on the investor relations section of our corporate website.

7 Disclaimer This presentation includes certain forward-looking statements within the meaning of The U.S. Private Securities Litigation Reform Act of 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 forwardlooking 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 ( 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 ( We may update our social media channels from time to time on the investor relations section of our corporate website.

8 Investor Relations SEC Filings Annual,10-K Quarterly,10-Q Current Reports, 8-K Sales & Trading Desk (800)

9 Global Corporate Structure Other Businesses Housing Marine Telecomm e-business Intelligent transport services

10 Toyota Across the USA

11 Toyota Motor Sales Toyota Camry XSE Toyota Mirai (FCV)

12 Toyota Motor Sales Lexus RC F Lexus NX 300h

13 Toyota Motor Sales Lexus LF-C2 Scion im

14 TOYOTA FINANCIAL SERVICES

15 Toyota Financial Services

16 Extensive Field Organization

17 Products and Services Retail loans Leases Wholesale Revolving credit lines Real estate Working capital Service agreements Prepaid maintenance GAP Tire and wheel

18 Balance Sheet Managed Assets Retail $40.7 billion Lease $28.7 billion Sold (ABS) $10.9 billion Wholesale & Other $16.0 billion Financial Liabilities Secured notes & loans payable $9.3 billion Unsecured notes and loans payable $51.1 billion Commercial Paper $27.5 billion Source: TMCC December 31, Q *Does not include carrying value adjustment

19 Commercial Paper

20 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

21 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

22 Pricing

23 Daily Pricing Goals Transparency Stability Consistency

24 Fixed Rate Pricing Term Bloomberg Index Index Rate TMCC Credit Spread TMCC Fixed Discount Rate O/N O/N LIBOR 0.12% -0.06% 0.06% 1w 1w LIBOR 0.14% -0.07% 0.07% 1m 1m LIBOR 0.17% -0.08% 0.09% 2m 2m LIBOR 0.21% -0.09% 0.12% 3m 3m LIBOR 0.26% -0.09% 0.17% 6m 6m Swap Rate 0.28% -0.03% 0.25% 9m 9m Swap Rate 0.33% 0.00% 0.33% Term Index Credit Spread Final 6m 0.28% -0.03% 0.25% * This example is strictly for illustrative purposes only

25 Floating Rate Pricing Choose Final Maturity and Basis i. 6 month vs. 9 month ii. 1-month LIBOR vs. 3-month LIBOR Calculate Discount Margin Term Bloomberg Basis TMCC Credit Discount Index Spread Spread Margin 6m 3m LIBOR 0.00% -0.04% -0.04% 9m 3m LIBOR 0.00% -0.01% -0.01% Term Bloomberg Basis TMCC Credit Discount Index Spread Spread Margin 6m 1m LIBOR 0.09% -0.04% 0.05% 9m 1m LIBOR 0.09% -0.01% 0.08% Determine First Coupon Index Rate Discount Margin First Coupon 9m final maturity 1m LIBOR basis 0.08%.2495% * This example is strictly for illustrative purposes only

26 Market Themes Fed Policy Regulatory Reform Supply and demand

27 Billions ($) Supply Example Total U.S. commercial paper outstanding balances are expected to decrease slightly in ,400 2,000 Asset-Backed Financial Non-Financial 1,600 1, '08 '09 '10 '11 '12 '13 '14 '15 Exp. Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes

28 % of Assets Demand Example Indicators of short-term excess cash suggest that demand will continue to exceed supply for money market products 175% USCP O/S as % of Prime MMF Assets 125% 100% 75% 25% '00 '02 '04 '06 '08 '10 '12 '14 Source: Citibank, Federal Reserve, Bloomberg, FOMC Meeting Minutes

29 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

30 Distribution Channels

31 Questions?

32 Thank you!