Automotive Rentals (ARI) plans to issue a $453 million ABS backed mostly by fleet lease contracts for light trucks and cars.

The deal, ARI Fleet Lease Trust 2013-A has been assigned preliminary rating by Standard & Poor’s. All of the leases in the series 2013-A pool are fixed-rate leases.  S&P said in the presale report that this eliminates basis risk associated with variable rate contracts that were present in the issuers previous deal, the series 2012-B poo where fixed-rate loans accounted for only 1% of the pool.

The class A-1 notes are rated ‘A-1+’; the class A-2 and A-3 notes are rated ‘AAA’. The size of each tranche will be determined at pricing, according to the S&P presale.

Bank of America Merrill Lynch, Citigroup, JPMorgan Chase, Mitsubishi UFJ Securities, PNC Capital Markets and RBS Securities have been named underwriters on the deal.

 

 

 

 

 

 

 

 

 

 

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.