BMW plans to launch a CHF 300 million ($318M) Swiss auto lease ABS, Bavarian Sky Europe, Compartment 1; the issuer’s first transaction in the Swiss market.

Standard & Poor’s has assigned preliminary ‘AAA’ ratings to the deal’s CHF 220.5 million fixed-rate senior tranche.  The capital structure also includes CHF 57.9 million B tranche and CHF 21.6 million Z tranche that have not been rated by S&P. Credit Suisse and UBS are lead managers on the deal.

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