BMW is adding another $1 billion to the mix of auto-related securitizations in the new issue market.

The deal, BMW Vehicle Lease Trust 2016-2, is backed by leases to prime quality borrowers, according to Standard & Poor’s. It will issue four senior tranches that benefit from initial credit enhancement of 15.9%: $120 million money market tranche is rated ‘A-1,’  and three term tranches rated ‘AAA’: $440 million of notes maturing in January 2019, $350 million maturing in September 2019, and $90 million maturing in February 2020.

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