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Toyota Finance Australia (A1/A+): New Issue FV Analysis

CONSUMER CYCLICALS
  • IPT: Exp. EU500m 2.25Y Fixed MS+70-75, Exp. EU500m 6Y Fixed MS+115 Area.
  • We see FV at MS+35a / MS+85a.
  • We wouldn’t be surprised to see the short tranche come through FV given recent demand, outright yield for A rated.

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