Hyundai Capital America is the first captive finance arm of a major automaker to enter the 2017 securitization market with an $810.4 million bond offering backed by new-vehicle lease contracts.

Hyundai Auto Lease Securitization Trust 2017-A is a pool of closed-end leases secured by new Hyundai and Kia autos and originated by HCA, the 80%-owned subsidiary of Hyundai Motor America (Kia Motors America owns the other 20%). The aggregate value of the leases’ securitization is $931.5 million, combining the value of the remaining monthly payments and the stated residual value set by HCA.

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