The sale of asset-backed bonds remains an infrequent event in the debt capital market, with leasing company FleetPartners yesterday marketing only the fifth such deal for the year.FleetPartners plans to sell $178 million of securitised leases. The notes have a weighted average remaining term of 27.2 months and all leases are on fixed rates, with an average yield of 11.4 per cent.Of the 5400 contracts in the FP Turbo Series 2010-1 Trust pool, 81 per cent are novated leases and the rest are finance leases. Most of the leases (83 per cent) are secured by passenger cars, 12 per cent are secured by commercial vehicles and five per cent by equipment.Moody's has assigned a provisional rating of Aaa to the $119 million A2 tranche.Moody's was concerned that the historical performance records start only in 2007, when FleetPartners was sold by ANZ to a private equity group. Other concerns included high employer concentration and the large proportion of leases requiring balloon payments, which increases refinancing risk.The pre-sale report also notes that the pool refinanced through the current trust represents around 15 per cent of a total asset pool for FleetPartners of $1.1 billion.When sold by ANZ to Nikko in 2006 (before being sold once again to Ironbridge and the Government of Singapore Investment Corp) FleetPartners had assets of $1.4 billion.