Prime auto lease receivables from contracts that VW Credit originated will collateralize $745.1 million in asset-backed securities (ABS) from the Volkswagen Auto Lease Trust, series 2026-C.
Most of the tranches will issue fixed-rate notes through four tranches of senior class A notes, according to ratings analysts at S&P Global Ratings. The A2 tranche could be split, issuing fixed-rate notes through the A2A sub-tranche and floating-rate notes through the A2B tranche.
Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared … Read full bio
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The three senior A1 notes are expected to pay coupons of 6.78%, while the A-1A1 and A-1B1 tranches will pay coupons of 6.28%, and the A-1A2 and A-1B2 tranches will pay coupons of 6.03%.
BSPDF 2026-FL6's pool balance rebounded after BSPDF 2026-FL5 came to market with just $675.2 million.
There was a slight uptick in underlying borrowers' FICO scores, 759 in a WA basis, compared with the FICO scores of 755 and 756 on the series AFC6 and 2026-AFCS, respectively.
Among the deal's key structural features is a payment priority where the series 2026-1, class A2 notes have a scheduled amortization of 1.0% annually.
The 2026-1 series will raise $913.5 million in securitized bonds with its first liquidity funding note in the structure, committing up to $28 million.
