GE Money Plans Swiss Auto ABS
GE Money Bank Switzerland is planning a CHF200 million ($213M) issue backed by Swiss auto lease receivables, the second Swiss Auto ABS of 2013.
BMW Leasing's €300 million Swiss auto lease ABS Bavarian Sky Compartment 1 deal priced in April.
Moody's Investors Service has assigned provisional ratings of ‘Aaa’ to the deal called Swiss Auto Lease ABS 2013-1 GmbH
The transaction is structured as a 3-year revolving cash securitization of auto lease receivables and auto dealer receivables covering residual value cash flows.
Lease contracts are extended to lessees in Switzerland by GE Money Bank, which is owned by General Electric Company.
This is the second public securitization by GE Money Bank AG.