FleetPartners, which recently debuted as a securitiser with an auto loan-backed deal, issued the first auto operating lease transaction in Australia on October 5. The A$685.4 million (US$666.1 million) FP Turbo Trust 2007-1 (Australia) transaction hinged on the participation of a single third-party investor – Industry Funds Management (IFM) – in its lower-rated tranches, but the issuer is optimistic about the prospects of future such deals in the public arena.