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Toyota Motor Credit

TMCC is the U.S. captive financing arm of Toyota Motor Corporation, focused mainly on providing finance and insurance products to its Toyota and Lexus dealers. As of FYE17 TMCC's net earning assets of $106.6 billion were split between 47% retail receivables, 36% investments in operating leases, and 17% related to dealer financing. While new vehicle financing is TMCC's focus, and new retail contracts accounted for 42% of financing volumes in FY17, 20% of volumes were related to used retail contracts, with the balance accounted for by lease contracts. TMCC's current earnings asset mix reflect the industry trend of leasing and accordingly TMCC's lease mix as percentage of total earning assets increased steadily through FYE16 to a peak of 33%, from 25% at FYE12, before settling to current 31% levels. Retail loans accounted for 35% of total earning assets at FYE17 (vs. 45% in FY12), while ABS and Wholesale represented 17% each, changing only modestly over the same time period. (29 Jun 2017)

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ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 
Focused

Toyota Motor Credit: Attractive NIC

IG Note: 17 Sep 2018, 9:45 AM ET - Toyota Motor Credit is in the market this morning with 2Y FRNs as well as a 5Y fixed offering. We are at an underperform on the credit based on valuation but would view any new issue concession as an opportunity to add exposure.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

American Honda Finance: Attractive New Issue

IG Note: 11 Jul 2018, 10:45 AM ET - American Honda Finance is in the market with 2Y floating as well as 2Y and 5Y fixed offerings. We  would view any new issue concession as an opportunity for investors to gain exposure to this high quality captive finance company.
Focused

Toyota Motor Corp: Multi-Tranche Issuance

IG Note: 10 Jul 2018, 11:55 AM ET - Toyota Motor Corp (parent) is in the market this morning with 3Y, 5Y and 10Y fixed offerings. We remain at an underperfom on Toyota family bonds, but would view a +5 bp concession to secondary as attractive.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Asia Weekly: First Convincing Signs of Recovery

Asia Weekly: 13 Apr 2018, 2:47 AM ET - Asia ex-Japan new $-bond supply sprung back to life after a lacklustre couple of weeks. New issuance totaled $10.4 bn for the week ended 12 April, compared to the pin-drop silence from the week before ($200 mn). 
Focused

Toyota Motor Credit: Buy New Issue

IG Note: 10 Apr 2018, 9:53 AM ET - Toyota Motor Credit is in the market this morning with 3Y FRNs as well as 3Y and 7Y fixed offerings.We are at an underperform on the credit based on valuation but would view any new issue concession as an opportunity to add exposure.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

US IG Autos 2018: Underperform

Sector Analysis: 24 Jan 2018, 4:13 AM ET - Given the short duration bias of the Auto Index relative to the IG Index we expect it will underperform again in 2018. We are taking a more nuanced view and expect GM and F long paper to outperform the ML Index at the long end of the curve.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Euro Autos: 2018 Outlook

Sector Outlook: 17 Jan 2018, 9:52 PM ET - In this report we review our outlook for the automotive market in 2018, discuss long term trends and short term implications, and update our investment recommendations.

US Strategy: South Korea Trade Risk

Strategy Analysis: 09 Jan 2018, 11:12 PM ET - While the NAFTA countdown and China trade strategy are the main events, South Korea is now moving back onto the stove even if not on the front burner. We look at some of the moving parts of the US-ROK free trade risks.

US Autos 2018: Disruption - Fast and Furious

Sector Analysis: 09 Jan 2018, 4:43 AM ET - 2018 US auto sales will likely soften yet again, but benefits of tax reform and improved economic activity will buffer some moderation. Disruptive trade policy remains a wildcard risk alongside investments in emerging business opportunities

US IG Strategy: Picks and Pans (August 2017)

Strategy Analysis: 15 Aug 2017, 4:28 PM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 

May US Auto Sales: First Look

IG Note: 01 Jun 2017, 11:06 AM ET - As the first wave of May auto sales are reported by automakers, we expect that YoY industry sales will continue to moderate while SAAR will likely settle in the under 17 mn level for the third consecutive month.

Autos Transcript: Something New, Used and Borrowed

Transcript: 31 May 2017, 10:30 PM ET - We recently held a U.S. autos webinar, pulling in analysts across the OEM, lending, and rental sectors. This is a (heavily) modified transcript of that discussion, as we flesh out touched upon topics and provide supplemental charts/tables.

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