Toyota Motor Credit Corp Renews €60B EMTN Program

What Happened

• Toyota Motor Credit Corporation (TMCC) filed an 8‑K on Sept. 14, 2026 reporting that, on Sept. 11, 2026, it renewed its Euro Medium Term Note (EMTN) Program for one year. The program authorizes up to €60 billion aggregate principal amount of unsecured notes, shared among the program’s issuers.
• The EMTN Program includes TMCC and affiliates Toyota Motor Finance (Netherlands) B.V. (TMF), Toyota Credit Canada Inc. (TCCI) and Toyota Finance Australia Limited (TFA). TMCC’s notes are issued under an Amended and Restated Agency Agreement and, for registered notes, an Amended and Restated Note Agency Agreement dated Sept. 11, 2026.

Key Details

• Renewal date: September 11, 2026; 8‑K filed Sept. 14, 2026.
• Aggregate authorized amount: €60 billion (shared among all issuers under the EMTN Program).
• Issuers named: TMCC, TMF (Netherlands), TCCI (Canada), TFA (Australia).
• Agreements: Amended and Restated Agency Agreement and Amended and Restated Note Agency Agreement (filed as exhibits). The Bank of New York Mellon (London branch) and BNY Mellon SA/NV, Dublin Branch act as agents.
• Notes may be issued in bearer or registered form, in various currencies, rates and maturities as agreed at sale. Notes issued under Regulation S are not registered in the U.S. and cannot be sold to U.S. persons absent registration or an exemption.

Why It Matters

• This renewal preserves TMCC’s and its affiliates’ ability to raise debt financing through unsecured note issuance up to €60 billion, giving them flexibility to access international capital markets for funding needs.
• The program’s terms and agent appointments are standard documentation that govern future note issues; no specific notes were announced in this filing. Investors should note the renewal (one-year term) and the Regulation S restriction, which limits certain U.S. distributions.