Barclays is lead manager on the $1.38 billion 2014-A notes to be offered under Ford Motor Credit's Credit Auto Least Trust.

The deal will be the issuer's first auto lease securitization of the year,

The capital structure, which has been assigned preliminary ratings by Fitch Ratings, will offer $1 billion of ‘AAA’-rated, class A notes; $70.29 billion of ‘AA’-rated, class B notes and $65.5 billion of ‘A’-rated, class C notes. Credit enhancement for the class A, B, and C notes totals 20.40%, 15.90%, and 11.70%, respectively.

The notes are backed by pool of closed-end leases originated by Ford dealers and purchased by one or more Ford Motor Credit-created titling companies directly from franchised dealers.

The leases have a weighted average FICO score of 745 and a weighted average original term of 33.2 months; 81.44% of the pool consists of leases with terms of 36 months or less, according to Fitch's presale report.  

None of the lease contracts have original terms greater than 48 months. Pools with short remaining terms may have more predictable residual realizations; by comparison, “longer-term leases can pose potentially higher risk for residual value-setting accuracy,” explained Fitch.  

Since late 2009, Ford Credit has gradually increased lease originations in step with sales increased. As of Dec. 31, 2013, its U.S. retail lease portfolio was $14.8 billion, up 37% from $10.8 billion at the same point n 2012.

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