Case Study: Toyota Financial Services achieves US$2.9m funding savings with ION Treasury

US Commercial Paper Programmes Realise Savings of Us$2.9m in Basis Arbitrage

ION Treasury worked with Toyota Financial Services to overcome funding challenges. New US tax regulations threatened to block key intercompany lending, forcing TFS's subsidiaries to rely on volatile European markets and increasing their refinancing risk.

By leveraging ION Treasury’s solutions, including Wallstreet Suite and Integrity, the subsidiaries launched US commercial paper programmes. This provided a new, lower-cost funding source, resulting in $3.8 billion in issuances and annual savings of $2.9 million, while reducing risk and positioning them for future needs.

Toyota Financial Services

Norman Brem

Senior Analyst, Funding & Liquidity