Multilease AG, the finance arm of a Swiss auto importer, is making its first strip to the European securitization market.

A total of 297 million Swiss Francs (CHF) of notes will be issued in the transaction, dubbed First Swiss Mobility 2017-1. Standard & Poor’s expects to assign an AAA to the senior, CHF 260.70 million tranche, which benefits from 23.1% credit  support consisting of subordination, a cash reserve account, and excess spread. There is also a CHF 22.2 million tranche rated AA- and a CHF 14.1 million tranche rated BBB+.

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