BMW Plans First Swiss Auto Lease ABS

Register now

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.

The notes are backed by a portfolio of auto lease receivables, which BMW AG granted to its Swiss clients, according to S&P presale report. The credit quality of the receivables is similar to that underlying the three public auto lease transactions of BMW Bank GmbH in Germany.

 

 

For reprint and licensing requests for this article, click here.