Ford Motor Credit priced a $1.032 billion auto lease securitization, according to a document filed with the Securities and Exchange Commission late Wednesday.
A $154 million tranche with a weighted average life (WAL) of 0.32 years priced to yield 0.23%. The securities are rated P-1 by Moody’s Investors Service and F1+ by Fitch Ratings.
A $344 million, triple-A rated tranche with a WAL of 1.08 years priced at 15 basis points over the eurodollar synthetic forward (EDSF): another $344 million, triple-A rated tranche with a WAL of 1.89 years priced at EDSF plus 22 basis points.
A third triple-A rated tranche, this one sized at $69.47 million with a WAL of 2.41 years, priced at 33 basis points over the interpolated swaps curve.
Credit Agricole Securities, Goldman Sachs, J.P. Morgan and Morgan Stanley were the lead underwriters, according to presale reports.
The deal, Ford Credit Auto Lease Trust 2013-A, is auto finance company’s fifth public transaction backed by auto lease receivables.