Darrel Whitten

Japan’s '80s 'Bubble' Has Completely Deflated - and Then Some

Here's how Toyota's consolidated debt breaks down as of March 2008, or end of FY07.

-Total Debt (@JPY100/USD) : $122 billion

(S-T Debt)
S-T Debt: $35 billion
L-T Debt due in one year: $24 billion

- As of the end of March 2008, the company had an unused credit line of some $26 billion. Remember that Toyota can borrow in Japan at much lower rates.

- S-T debt includes commercial paper of $23 billion at an average interest rate of 3.76%

- Other short-term debt of $12 billion-plus at average interest rate of 3.36%.

- $54.5 billion of medium-term notes are due in stages between 2008~2027. 2008 portion included in "long-term debt due within 1 year".

(Bloomberg) **Yields on three-month corporate debt with the highest credit rating rose to a 12-month high of 0.83 percent on Sept. 25, the week after Lehman Brothers Holdings Inc. filed for the biggest bankruptcy in U.S. history.
Japanese banks are rushing to the blue-chip names, so the companies benefit from tighter spreads on loans.

Doesn't look like Japanese banks are running away from refincing by large, blue chip Japanese companies.