Avis Budget Group plans to sell $400 million of securities backed by auto leases, according to ratings agency presale reports.

Deutsche Bank, Barclays and JPMorgan are joint lead underwriters.

The deal includes a $348 million tranche rated 'AAA' by Moody's Investors Service and DBRS; and a $52 million, class rated Baa2 by Moody's and 'BBB' by DBRS. .

Avis Budget Rental Car Funding (AESOP) Series 2013-1 is expected to close on Feb. 13 and has a weighted average life of 5.39 years.

It is the second rental car securitization of the year, after Herz priced a $950 million offering on Jan. 18. That deal was upsized in response to strong demand, from $750 million originally.

The AESOP 2013-1 notes will be funded in Avis Budget’s AESOP master trust. There are currently 15 other
issues outstanding which have been funded in the AESOP master trust

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