Ford Motor Credit is marketing its first auto lease securitization of the year, according to a presale report from Standard & Poor’s.

Citigroup Global Markets is the lead underwriter.

Ford Credit Auto Lease Trust 2015-A will issue $952.7 million of notes, including three tranches with a preliminary ‘AAA’ from S&P: $387 million of notes due December 2017, spit into a fixed-rate and a floating-rate tranche; $247 million of fixed-rate notes due June 2081 and $108 million of fixed-rate notes due August 2018.

Ford has been a regular issuer of auto lease securitization since 2011, but was slow to tap the market this year. Volkswagen, Hyundai, General Motors and Ally Bank have all done at least one deal each.

Compared with Ford’s most recent auto lease deal, completed in July 2014, the weighted average FICO score of borrowers in this deal has decreased slightly, to 742 from 746.

The percentage of leases with an original term of 36-39 months also increased, to approximately 84% from 79%, while the percentage of leases with an original term of 24 months decreased to approximately 16% from 21%.

The collateral backing the latest deal is also slightly more concentrated: the top three vehicle models in the 2015-A pool (Escape, F-150 and Explorer) make up approximately 52.0% of the pool by residual value, compared with 47.5% for the series 2014-B pool (Fusion, Escape and Explorer). 

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