Nissan Motor Acceptance Corp. priced $850 million in securities backed by closed-end auto leases— the automaker’s first auto lease securitization of 2014, according to a regulatory filing.
The trust, Nissan Auto Lease Trust 2014-A, issued a $128 million money market tranche priced to yield 0.18%.
There are also four tranches of notes with triple-A ratings from both Moody’s Investors Service and Fitch Ratings: a $182.5 million tranche with a weighted average life (WAL) of 1.24 years has a spread of 16 basis points over the Eurodollar synthetic forward curve (EDSF), another $182.5 million class with a WAL of 1.24 years yields 16 basis points over one-month Libor; a $242 million class with a WAL of 1.91 years yields EDSF plus 24 basis points and a $115 million class with a WAL of 2.29 years yields 34 basis points over the interpolated swaps curve.
There is also a $161.91 million interest in the trust representing a 16% overcollateralization that is not rated, according to rating agency presale reports.
Citibank is the lead underwriter on the deal.
Vehicle leases on new Nissan and Infiniti brand vehicles back the notes. The pool is comprised of lease with a weighted average FICO of 741, which is consistent with prior Nissan securitizations, according to presale reports. The leases are all made for new cars and have a weighted average seasoning of 13 months. The pool is primarily composed of 39-month leases.
