Hyundai is in the market with a $905.406 million auto lease securitization, according to a presale report published today by Standard & Poor’s.
Hyundai Auto Lease Securitization Trust 2013-A (HALST 2013-A) is the sponsor’s third auto lease transaction, although it has also issued several auto loan transactions.
The latest deal is backed primarily by 36-month leases (representing 63% of the collateral) originated by Hyundai Capital America, according to the presale report. Most of the remainder of the leases have terms of 39 months or 48 months. The monthly lease payments and the leases' residual values will serve as the notes' collateral. The securitized pool will comprise nine Hyundai and six Kia models, with significant concentrations of the Hyundai Sonata, Elantra, and Kia Optima models.
Approximately 6% of the securitized pool will consist of 2011 model vehicles, approximately 60% will comprise 2012 model vehicles, and approximately 34% will comprise 2013 model vehicles
HALST 2013-A will issue four classes of ‘AAA’-rated, fixed-rate notes, including $145 million of notes maturing in March 2014; $325 million of notes maturing in Sept. 2015; $324 million of notes maturing in June 2016; and $75.5 million of notes maturing in October 2017.
There is also a class of $35.9 million of ‘AA+’ rated subordinated notes due in August 2017.
The deal is expected to close on March 6.