Nissan Motor Acceptance Corp. (NMAC) is increasing the investor protection on its latest offering of bonds back by auto leases to account for the impact of falling used car prices.

NMAC is marketing $1.199 billion of bonds backed by auto leases, according to rating agency presale reports. The transaction, Nissan Auto Lease Trust 2017-A (NALT 2017-A), will issue four tranches of notes rated triple-A by Fitch Ratings and Moody’s Investor Service with maturities ranging from mid-June 2018 to mid-September 2022. All four tranches benefit from 17.5% credit enhancement.

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