Chase priced its $900 million (
ASR had previously reported that the deal may be upsized to as much as $1.2 billion.
The notes priced at a spread of one-month Libor plus 42 basis points.
J.P. Morgan, Credit Suisse and HSBC were the underwriters.
The Class A(2013-6) notes are a tranche of the Class A notes of the CHASEseries.
That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.
Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
Chris Hentemann, whose fund manages $6.2 billion in assets, seeks out B-piece opportunities and foresees banks executing more bulk loan sales and credit-risk transfers.
The current levels of credit enhancement are a reduction from levels of 58.0%, 48.7%, 35.9%, 22.5% and 17% on the classes A, B, C, D and E on the BLAST 2024-1 deal.
First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.
