Pérez-Llorca Mexico advises Toyota on Cebures plan
Pérez-Llorca Mexico has advised Toyota Financial Services México (TFSM) on the structuring, implementation and approval of a MXN$20 billion (~USD$1.1 billion) unsecured, short- and long-term corporate bonds (Cebures) revolving and recurrent issuer programme in Mexico, marking TFSM’s return to the Mexican debt capital markets as a direct issuer under the recurrent issuer modality.
The programme was granted the generic ticker “Toyota” for listing on the Mexican Stock Exchange and contemplates a total outstanding balance of MXN$1 billion for short-term bonds. The structure enables TFSM to conduct repeated public issuances under a more flexible recurrent issuer framework and also allows for the issuance of long-term ESG bonds.
Multiva acted as the common representative of the bondholders, while Casa de Bolsa BBVA México and Scotia Inverlat Casa de Bolsa served as underwriter and broker-dealer firms. The in-house legal teams of Toyota Financial Services México, BBVA México, and Scotiabank Inverlat also participated in the transaction.
The Pérez-Llorca Mexico team was led by partners Bernardo Reyes-Retana (pictured left), José Ignacio Rivero (pictured center) and Jacinto Ávalos (pictured right), supported by associates Carlos Matsui and Samara Mosqueda.
