Nissan Motor Acceptance Corporation plans to issue an $800 million auto lease backed securitization deal called Nissan Auto Lease Trust 2013-A.
A deal prospectus was filed with US Securities and Exchange Commission on Monday morning. The deal will put 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.
The ratings agency said today that auto-leasing accounted for 25% of new-vehicle financing at the end of last year, according to Experian Auto, this year that figure is poised to grow.
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.
Price guidance for the A-2a and A-2b, triple-a rated notes with an average life of maturity of 1.25-years, was released at 8 basis points to 21 basis points over the Eurodollar synthetic forward rate and 8 basis points to 21 basis points over the one-month Libor. The notes will be sized according to investor demands.
The 1.98-year, triple-A rated, class A-3 notes were talked at 21 basis points to 28 basis points over the Eurodollar synthetic forward rate. The A-4 notes, structured with an average life maturity of 2.36-years and rated triple-A, are being talked at 28 basis points to 29 basis points over the interpolated swaps curve. The deal is expected to price this week.