BMW Bank plans to issue a new €800 million ($858 million) securitization of German auto leases, according to Standard & Poor's.

The transaction, Bavarian Sky German Auto Leases 4, will offer a  €746 million senior tranche with a preliminary rating of ‘AAA’ and an subordinatd unrated €54.4 million class B tranche. The class A notes benefit from 7.8% credit support. All of the notes have a final maturity of December 2022.

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