MotoNovo Finance, a division of FirstRand Bank, plans to issue £101.3 million ($163 million) of securities backed by U.K. auto leases, according to a Moody’s Investors Service presale. Mercedes Benz and Santander Consumer also respectively priced German and Norwegian auto loan paper.
FirstRand Bank will buy £80 million of the £88.5 million; AAA’ rated senior tranche issued under Turbo Finance 5. The capital structure will also offer £9 million of Aa3’ rated class B notes and $2.5 million of Ba1’ rated class C notes. The unrated class D notes are sized at £1.3 million. The notes are due August 2021.