BMW Financial Services’ new $1.17 billion auto lease securitization is being launched with one of the highest FICO scores – and lowest hard credit enhancement levels – of almost any recent asset-backed transaction involving luxury auto lease receivables. Including its own recent deals.

The BMW Vehicle Lease Trust 2017-1, the 18th lease receivable transaction for the captive finance firm since 1999, features four classes of senior notes including a $375 million Class A-2 tranche due 2019, a $360 million Class A-3 series due 2020 and a $90 million Class A-4 series of bonds also due 2020. (Unlike the previous lease, BMW is not splitting the senior Class A-2 tranche in two series of fixed- and floating-rate instruments).

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