American Express is jumping back into the structured finance market for the first time this year with an offering of $555.55 million of credit card notes, according to a presale report published today by Fitch Ratings.

Barclays and RBC Capital Markets are the lead underwriters.

The deal, American Express Issuance Trust II series 2013-1, consists of three classes: a $500 million, ‘AAA’-rated tranche with credit enhancement of 10%; a $22.22 million, ‘A’-rated tranche with credit enhancement of 6%; and a $33.33 million, ‘BBB’-rated tranche.

All of the notes have a weighted average life of five years and a legal final maturity of Feb. 15, 2019.

The senior class will be publicly offered, while the two subordinated classes may be purchased directly by an affiliate of the transferor.

The notes are secured by receivables generated by American Express’ consumer and small business charge accounts that have been designated to the trust and may include commercial charge receivables in the future. Charge card accounts differ from credit card accounts in that they require a full payment of the charges made each month by the due date.

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