IBM Credit Corp has parcelled up more of its leases and offered $300m of certificates backed by lease assets. The issue was priced in two parts by underwriters led by Credit Suisse First Boston. The certificates were sold through IBM Credit Receivables Lease Master Trust 1994-1, a special purpose vehicle created for the transaction. Both classes are backed by a 15% subordinated class that was not offered to the public, as well as a 1% reserve fund. The $103.389m in class A-1 money market certificates were priced as 5.33% at 100; the certificates, rated P-1 by Moody’s Investors Service Inc. and A-1-Plus by Standard & Poor’s Ratings Group, have an average life of only just over six months. The $196.611m in class A-2 fixed-rate certificates were priced as 6.55% at 99.875 to yield 6.70% and have an average life of two years.
