First Swiss Mobility 2020-1 AG: 13 February 2020

The fourth transaction in the series, which once again is a securitisation of auto lease instalments and auto dealer receivables relating to residual values, which Multilease AG has granted to its Swiss clients.

The originator, Multi Lease AG, is part of the Emil Frey Group and they are the official leasing partner in Switzerland for the brands Jaguar, Kawasaki, Kia, Land Rover, Lexus, Mitsubishi, Subaru, Suzuki, Toyota, DFSK and Piaggio.

The final portfolio will consist of 10,534 contracts, where the average discounted lease balance is Chf20,885. There is a weighted average seasoning of 11.1 months. The portfolio consists of both auto lease instalment receivables and RV, and there is a 36 month revolving period. The underlying lease contracts have been distributed through both captive and non-captive dealerships in Switzerland. Of note is that all lease contracts with residual value risk have a dealer buyback guarantee.

The Triple A bonds were priced at a negative yield, of -0.02%, having set the coupon at 0% and the issue price at 100.058.

Compare/contrast: First Swiss Mobility 2019-1 AG