PHH Corp. priced an upsized $700 million auto lease securitization called PHH Chesapeake Funding LLC 2013-1 today. The deal was originally sized at $450 million.

Deutsche Bank Securities, Barclays Capital, and RBC were lead managers on the deal.

The class A notes, originally sized at $416.45 million and given triple-A ratings by both Moody's Investors Service and DBRS, have an average life of 1.93 years. They priced at 45 basis points over one-month Libor, a person familiar with the transaction confirmed. That was at the high end of initial guidance of 40 to 45 basis points.

The class B notes, originally sized at $14.64 million and rated 'Aa2' by Moody’s and 'AA' by DBRS, have an average life  of 2.9 years. They priced at 100 basis points over one-month Libor, below intial guidance of 110 to 115 basis points.

The  class C notes, originally sized at $12.09 million and rated 'A2' by Moody’s and 'A' by DBRS, have an average life of 2.98 years. They priced at 140 basis points over one-month Libor, also below initial guidance of 150 to 155 basis points.

The class D notes originally sized at $6.82 million and rated 'Baa2' by Moody’s and 'BBB' by DBRS, have an average life of 3.01 years. They priced at 180 basis points over one-month Libor, at the low end of guidance from 180 to 185 basis points.

PHH Vehicle Management Services will be servicing the notes. Wells Fargo Bank is the back-up servicer.

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