LeasePlan Nederland N.V. plans to sell 537 million ($684 million) of securities backed by Dutch auto lease installment receivables and residual value cash flows.
ABN Amro and Deutsche Bank are leading the deal, according to DBRS.
The transaction, Bumper 6 Finance, consists of 501 million of Aaa’/ AAA’ securities that have 29.93% credit enhancement and 36 million of Aa2’/ AA’ class B notes with 24.90% credit enhancement. The notes are due March 2029.
The ratings are from Moody’s Investors Service and DBRS.
The pool consists of auto leases that finance car fleets to corporate and governmental customers in the Netherlands. As of September 2014, the provisional portfolio consists of non-delinquent vehicle lease contracts with a weighted average seasoning of 1.1 years.
The residual value portion of the lease cash flows are based on car value estimates at closing of the leasing contracts. LeasePlan Nederland guarantees these cash flows in the event the used car market prices should be below the securitized estimate when the vehicle is sold.
The transaction has a one-year revolving period where additional lease receivables and residual value cash flows can be added.
LeasePlan Nederland N.V. is headquartered in the Dutch city of Almere, Netherlands. It provides total fleet management solutions to the Dutch automotive leasing market. Most of its clients are Dutch firms.