Sunday May 11, 11:36 PM
Toyota to issue Islamic bonds in Malaysia - report
TOKYO (Thomson Financial) - Japan's largest automaker, Toyota Motor Corp (Frankfurt: 853510 - news) ., will issue up to 1 billion ringgit, or some 32 billion yen ($311.3 million), worth of Islamic bonds in Malaysia to raise funds for its automobile leasing and loan operations, the Nikkei (news) reported on Monday, without citing sources.
A Malaysian unit of Toyota Financial Services Corp. will start offering the bonds, known as sukuk in Arabic, this month, the business daily said.
The program, to be effective for seven years, will include commercial paper with maturities of up to 12 months and medium-term notes that mature in up to seven years, it said.
Bank of Tokyo-Mitsubishi UFJ and leading Malaysian investment bank CIMB Group will be the principal managers.
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