Ford Motor Credit Corp. plans to do an auto-lease securitizion through its Ford Credit Auto Lease Trust, according to an Securities and Exchange Commission filing made by the company last June 26.
The auto company has not set a date yet for the intended securitization and the filing was only made to give Ford the ability to go through with the offering when market conditions become more receptive to an auto lease deal, said sources from the company.
The deal, which will be backed by auto and light truck collateral, will be divided into five tranches of A-class notes plus certificates.
Though Ford indicated the size of the deal to be up to about $1 billion, the actual size is yet to be determined.
The underwriter on the deal is Merrill Lynch and the trustee is The Bank of New York (Delaware).
Ford Credit last came to market with an auto lease deal in November 1996. The transaction, which was managed by J.P. Morgan, was worth $840 million and was issued through the same trust.
