Ally Bank plans to issue $1 billion of securities backed by a pool of prime automobile leases of new GM and Chrysler vehicles.

Credit Suisse, Deutsche Bank and RBC Capital Markets are lead managers on the deal, according to a term sheet filed with the Securities and Exchange Commission.

The deal, AART 2014-SN1 will be rated by Fitch Ratings and Standard & Poor’s. It is Ally's third public auto lease transaction since 2011, according to the S&P presale report.

The structure will issue four classes of A notes rated triple-A. The class A-2 notes may be issued as either all fixed-rate notes or a combination of fixed- and floating-rate. If the class A-2 notes have a floating-rate tranche, the tranche size will not exceed $275 million.

The pool of collateral consists of 53,012 prime auto lease receivables that have a weighted average FICO score of 763. That pool primarily consists of leases with original terms of 37-48 months (50%). The pool also includes approximately 12.45% of leases with original terms of 24 months or less. It does not include leases with original terms greater than 48 months. 

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