Financing The Factory Bank
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Borrowing-to-lend for loan-to-buy customersToyota Financial Services has to be one of the most fascinating, fraudulent entities operating in the world right now. Initially fuelled by cheap Japanese interest rates when it was first begun in the early 2000s, this “bank within a factory” is one of the world’s most opaque, byzantine and powerful global financing organisations that you have never heard of.Today, TFS is the focus of Toyota’s operations, issuing billions in zero percent and cut-rate financing offers a year and guzzling a similarly sizeable chunk of money from the fixed income markets. Take, for instance, the company’s 50 billion euro note issuance last September. This was a collaboration between no less than 7 issuers spanning four continents all organised under the giant TFS (...)