ABN AMRO has won a mandate from major retailer David Jones to securitize the company's A$230 million ($150 million) credit-card portfolio. The transaction will be managed by the investment bank's special purpose vehicle, Tasman Holdings Pty Ltd, and funded in the U.S. or Australian commercial paper markets according to pricing opportunities.

Tasman, which is rated A-1+ by Standard & Poor's, has about A$2.5 billion of assets under management and the equivalent of A$1.5 billion of CP on issue through its two financing arms, Abel Funding Pty Ltd (in Australia) and Tasman Funding Inc. (in the U.S.). The first transaction is expected to be in June and is likely to be in the U.S. market, which has seen CP issues trading between 2 and 5 basis points lower than the Australian market for most of this year.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.