Video: Toyota Credit and Citibank Partner for Diversity, Again
Toyota Motor Credit Co. and Citibank have partnered once again, this time for a video on YouTube.
The latest video showcases the company’s Diversity and Inclusion (D&I) bond program, through which minority- and or women-owned companies can “take the lead in selling the bonds to investors,” according to the video.
Toyota Credit sells the bonds to investors, to fund new consumer loans.
“This is how we get the money that we use to operate our business,” Michael Groff, Toyota Financial Services chief executive told Auto Finance News last fall when the captive announced its third D&I initiative. He also said that the funding was competitively priced and that the rate was very attractive, making it a win-win for all involved.
The most recent issuance was in October 2014. The lead underwriters included CastleOak Securities, L.P.; Lebenthal & Co., LLC; Mischler Financial Group, Inc.; Samuel A. Ramirez & Company, Inc.; and The Williams Capital Group, L.P.
Toyota Credit and Citibank also partnered in March 2014 to issue Green bonds — securities whose proceeds are used for projects that promote environmentalism — the first in the auto finance industry, according to a spokesman for Toyota Credit.
Toyota Credit hasn’t announced specific plans for a new D&I bond issuance, but a spokesman said there could be more in the future.
More details on the Auto Finance Risk & Compliance Summit, May 18-19 in San Diego, can be found at www.afrcs.com.
