Toyota sold dollar-denominated sustainability bonds for the first time in two years as it seeks to fund hybrid and EV production. The automaker priced the bonds at $1.5B, receiving book orders over $6B as of Thursday morning. Toyota previously sold ESG bonds in the U.S. in 2021. - The bond sale is being managed by Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley.
- In April, the company announced a selling goal of 1.5 million EVs per year by 2026, with the launch of 10 new models.
- "Toyota hasn't burnt a lot of cash in a rush to outdo its peers in an EV push, which is a win for bondholders," said Bloomberg Intelligence credit analyst Joel Levington.
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