Hyundai Capital America plans to issue a $786.18 million auto lease securitization deal.
The deal is backed by a pool of closed-end auto leases that are secured by new vehicles manufactured by Hyundai and Kia Motor Co., according to a Fitch Ratings presale report. Standard & Poor’s has also assigned ratings to the deal.
The deal, Hyundai Auto Lease Securitization Trust 2013-B, will offer $135 million, money market tranche. The structure will also offer $280.9 million of triple-A rated, class A-2 notes; $255.2 million of triple-A rated class A-3 notes and $83.9 million of triple-A rated class A-4 notes. Also on offer are $31.18 million of double-A rated, class B notes.
The deal resembles the issuer’s February auto lease securitization deal called 2013-A in the loans included in the pool have a strong weighted average FICO score of 743, seasoning of eight months, a weighted average original term of 39 months and a similar residual value concentration of 67%.
