Nissan Motor Acceptance Corporation priced its upsized $1.25 billion auto lease backed securitization called Nissan Auto Lease Trust 2013-A. The deal was originally sized at $800 million.
Barclays, Bank of America Merrill Lynch and Credit Agricole are lead managers on the latest deal. The deal was assigned preliminary rating by Fitch Ratings and Moody’s Investors Service.
The $195 million A-2a and the $400 million A-2b, triple-a rated notes with an average life of maturity of 1.25-years, priced at 14 basis points over the Eurodollar synthetic forward rate and 13 basis points over the one-month Libor, respectively. The notes will be sized according to investor demands.
The $360 million, 1.98-year, triple-A rated, class A-3 notes priced at 24 basis points over the Eurodollar synthetic forward rate.
The $109.82 million A-4 notes, structured with an average life maturity of 2.36-years and rated triple-A, priced about three basis points wide of guidance, at 33 basis points over the interpolated swaps curve.
The deal brings year to date volumes of auto-lease ABS issuance at $5.7 billion, according to Standard & Poor’s; and slightly ahead of its forecasted $13 billion for 2013.