General Motors Financial and Hyundai Capital America are driving auto lease ABS volume, bringing a combined $1.9 billion of receivables to market, according to presale reports from S&P Global Ratings.
GMF’s $1 billion deal marks the captive’s third lease securitization this year, boosting its total volume to $3.4 billion in 2019. The collateral pool consists of 45,277 auto lease receivables with 36-month leases accounting for 53.8% of the pool. The longest term is 48 months, according to S&P.
HCA’s securitization consists of $926.2 million auto lease ABS notes. The issuance is the captive’s second lease transaction this year, bumping up its lease ABS volume to $1.6 billion. The collateral pool consists of shorter term leases than HCA’s securitization earlier this year: 48-month leases account for 19.4% of the pool, compared with 32.8% in the February transaction. HCA’s securitized pool is comprised of 59,924 prime auto lease receivables with Hyundai and Kia vehicles accounting for 48% and 49% of the pool’s securitization value, respectively. Genesis branded vehicles accounted for 3%.
Meanwhile, loan securitizations from Toyota Financial Services ($1.3 billion), Global Lending Services ($374 million) and J.D. Byrider ($132.1 million) bring year-to-date auto ABS volume to $65 billion, compared with $64.4 billion last year, according to data from JPMorgan Securities.
The GMF, HCA and TFS deals are expected to close Aug. 14. GLS’s closing date is Aug. 9, according to S&P. J.D. Byrider’s transaction is slated to close Aug. 13, according to Kroll Bond Rating Agency.
