Ryder System Inc. will issue its first public deal early in November, according to company Vice President and Treasurer Dan Susik, who says the transaction will herald a pattern of regular public issuance from Ryder going forward.

The upcoming deal - totaling $300 million - is markedly larger than Ryder's first transaction, which was privately placed for $77 million in June 1998. Susik says the increase occurred after Ryder decided to place more assets into its securitization program, marking a change of emphasis in capital raising strategy that had previously consisted of mostly current receivable and unsecured commercial paper financing, and the sale of straight corporate debt.

Though securitization remains one of many financing options for the company, Susik says that Ryder's presence will increase in the market.

"Our expectation is to come to market more than once a year," he said.

The collateral comes from Ryder Transportation Services, Ryder System's truck leasing subsidiary, and consists entirely of commercial leases of trucks, highway tractors and trailers. In 1998, rival truck renter Budget Group Inc. bought Ryder's consumer leasing business for $763 million.

Merrill Lynch & Co. will lead the deal, which will consist of four tranches of senior and subordinated notes and a tranche of certificates. Susik said he expects ratings results similar to the company's first deal: triple-A ratings for the senior notes and single-A marks for the certificates (the sub notes were unrated and retained by the company on the first deal).

Ryder is in the midst of enlisting comanagers.

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