Nissan and Hyundai each launched approximately $1 billion of bonds backed by auto leases Thursday, according to rating agency reports.

Nissan’s offering comes just weeks after the manufacturer’s North American division announced that approximately 3.5 million model year 2013 and later Nissan and Infiniti vehicles are subject to a recall to remedy a defect in the vehicle’s Occupant Classification System that could result in the passenger side airbag failing to deploy. The vehicles affected by the recall represent approximately 90% of the securitization pool.

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