(Yicai Global) Feb. 22 -- New energy vehicle startup Xpeng Motors said it has issued an auto leasing asset-backed security on the Shenzhen Stock Exchange worth CNY775 million (USD122 million).

Great Wall Capital-Guotai Junan-Xpeng Financing Leasing Special Green Assets Supporting Plan is the Shenzhen bourse’s first carbon-neutral auto leasing ABS, and it also marks the first time that Xpeng Motors has issued an ABS in the Chinese capital market.

The originator in the issuance is Guangzhou Xiaopeng Automotive Financial Leasing, an Xpeng subsidiary. The coupon on the senior A tranche with a debut rating of AAA is 3 percent, with a corresponding subscription multiple of 3.10, the firm said.

The ABS in the senior B tranche with an AA plus rating has a coupon of 3.5 percent and a subscription multiple of 4.61.

Xpeng said the coupon rates are the lowest among auto leasing ABS issued by Chinese NEV startups, and that it will expand the company’s low-cost financing channels.

Editor: Peter Thomas