Volkswagen Leasing plans to issue a €723 million ($937 million) of securities backed by German auto lease receivables, according to rating agency reports.

VCL Multi-Compartment S.A., Compartment VCL 20 will be the issuers 26th publicly rated German auto lease transaction. It follows on the heels of a U.K. auto loan deal that the sponsor priced the first week of September.

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