Toyota Motor Corp., the world’s biggest carmaker, is raising $2.3 billion with its first bond sale in the currency since 2009.

The company is offering securities due August 2017 and February 2023, according to a person with knowledge of the sale. Yields on auto debt dropped 21 basis points since the start of December to 68 basis points more than the swaps rate, according to Bank of America Merrill Lynch’s Euro Auto Group index. They touched an 18-month low of 67 on Jan. 14.