Volkswagen is preparing to offer a new securitization of Dutch auto leases, according to a presale report from Standard & Poor’s.

VCL Master Netherlands B.V. is a Euro-denominated ABS that will issue two series of notes backed by €260.05 million (US$296 million) in outstanding principal of from more than 14,000 vehicle lease contracts, as well as €108.97 million (US$124.3 million) in receivables’ residual values.

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