Volkswagen Credit Plans to issue a $1 billion auto loan securitization deal called Volkswagen Auto Lease Trust 2013-A, according to a deal prospectus filed with the U.S. Securities and Exchange Commission.
Credit Suisse and JP Morgan are lead arrangers on the deal.
The deal is backed by loans secured by new and used Volkswagen and Audi cars, minivans, and light-duty trucks and underwritten by VCI, the indirect wholly owned captive finance subsidiary of Volkswagen Group of America (VWGA).
It is structured with a combination of floating rate and fixed rate notes. It will offer $178 million of fixed rate class A-1 notes; $470 million of class A2 fixed and floating rate notes; $28 million of class A-3 notes and $70 million of class A-4 notes.
The weighted average FICO of 764 for the loans included in the portfolio falls in line with the originator’s February deal, VALET 2013-1.
VW Credit’s first auto lease asset-backed term securitization program using the origination trust was first established and used for the Volkswagen Auto Lease Trust 2002-A transaction.