Element Fleet Management’s newly consolidated master trust is issuing $500 million in bonds backed by open-ended commercial fleet leases that the Toronto-based company originates in the U.S.

Chesapeake Funding II 2017-3 will issue six classes of notes, including a split fixed/floating rate Class A tranche class totaling $462.72 million and benefiting from 11.23% credit enhancement. Those notes were assigned provisional trioke-A ratings from Kroll Bond Rating Agency, DBRS and Fitch Ratings on Monday.

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