American Express has filed an S-3 with the Securities Exchange Commission to issue under its American Express Credit Account Master Trust.
To view the whole SEC filing, please click
In terms of credit card issuers, Discover Financial Services sold a $1 billion credit card offering this week backed by receivables generated from credit card accounts owned by Discover Bank. The lead managers on the deal were RBC Capital Markets and Bank of America Merrill Lynch.
Discover has been a frequent ABS issuer in the past 19 years, according to a presale report from Standard & Poor's.
It has issued over 80 deals out of its Discover Card Master Trust I as well as 50 offerings from the Discover Card Execution Note Trust. As of Nov. 15, 2011, S&P reported that the note issuance trust had 30 tranches of class A, B, C, and D notes outstanding with nominal liquidation amounts of $10.60 billion, $920 million, $1.17 billion, and $1.73 billion, respectively.
Meanwhile, as of December 2011, roughly $34.8 billion receivables in the Discover Card Master Trust I comprised 12% of the $288.8 billion in bank card receivables tracked by the rating agency's Credit Card Quality Index or CCQI.
The consumer sector is also seeing some activity from student loans. S&P released its presale report on Rhode Island Student Loan Authority Series 2012-A underwritten by Janney Montgomery Scott and BofA Merrill.
The $17.9 million transaction is backed by private student loans originated under the Rhode Island Family Education Loan Program or the private consolidation loan program, the S&P presale report on the deal stated. This is the Authority's fourth transaction out of the master trust it created in 2009.
Sallie Mae also priced its $547 million 144A private student loan deal yesterday called SLM Private Education Loan Trust 2012-A via Barclays Capital, Credit Suisse and Goldman Sachs.
In the auto sector, General Motors Financial Co. priced its $1 billion AmeriCredit Automobile Receivables Trust 2012-1 on Tuesday and CarMax is reportedly marketing a $750 million offering that might price next week.
