Ford Motor Credit is planning a $1.117 billion auto lease securitization, according to a presale report published today by Moody’s Investors Service.
Ford Credit Auto Lease Trust 2013-A is Ford’s fifth public transaction backed by auto lease receivables.
Credit Agricole Securities, Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters.
The deal has a $154 million money market tranche with an initial P-1 rating from Moody’s and three triple-A rated tranches: a $344 million 26-month tranche; a $344 million 36-month tranche; and a $69.47 million 37-month tranche, according to the presale report.
“Auto lease transactions employ a titling company structure,” Moody’s said in the report. “The titling companies own the assets, the vehicles and their related lease receivables at inception because the assets are purchased by the titling company from the dealers who originated them. The asset that is sold and securitized is the Exchange Note issued by the titling companies and secured by a specific pool of auto leases.”
The deal is expected to close March 20.