12 May 2008
Toyota Will Sell Islamic Bonds to Fund Malaysian Financing Unit
Toyota Motor Corp.'s financial arm plans to sell Islamic bonds worth as much as 1 billion ringgit ($311 million) in Malaysia to raise funds for its automobile leasing and loan business there
Toyota Financial Services Corp. aims to offer the bonds on May 20, Shuichi Nishimura, vice president of the unit's corporate planning division, said today by phone. The bonds comply with Shariah law, which prohibits Muslims from receiving or paying interest.
The Bank of Tokyo-Mitsubishi UFJ Ltd.'s local unit and Malaysian investment bank CIMB Group will manage the sale.
Toyota, the world's second-largest automaker, fell 1.2 percent to 5,200 yen as of 1:14 p.m. in Tokyo. The shares have fallen 14 percent this year.
The Nikkei newspaper earlier today reported Toyota's bond sale.
To contact the reporter on this story: Naoko Fujimura in Tokyo at nfujimura@bloomberg.net.
POSTED BY / http://www.bloomberg.com
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