Volkswagen is going to issue a $750 million auto lease transaction under its Volkswagen Auto Lease Trust 2011-A.
The company filed a prospectus with the Securities and Exchange Commission (this is a link to the filing) to come to market with the offering.
Barclays Capital and Credit Suisse are the joint bookrunners on the transaction.
Fitch Ratings assigned its preliminary ratings to the four-tranche transaction. It assigned a provisional 'F1+sf' rating to the deal's Class A-1 (worth $159 million).
It also assigned 'AAAsf" ratings to the Class A-2 ($270 million), Class A-3 ($251 million) and Class A-4 ($70 million)
In a presale report, Fitch stated that the notes will ultimately be collateralized by payments on a pool of closed-end vehicle leases on new Volkswagen and Audi brand vehicles manufactured by Volkswagen Group.
All the leases were originated through Volkswagen Credit, which will act as servicer. They will be bought by titling trust Volkswagen Credit Leasing directly from different franchised vehicle dealers, according to Fitch.
In other news, Bloomberg reported that GE Capital might come to market with an 144A, fixed-rate small ticket equipment lease ABS. The news service said that the transaction's joint bookrunners are Credit Suisse and Royal Bank of Scotland.