American Express is preparing a $595.24 million prime credit card securitization from its American Express Credit Account Master Trust, according to a presale report from Fitch Ratings.
The deal, the first from the trust this year, features two classes of floating-rate notes, as well as a non-publically offered collateral interest class.
With this latest transaction, Series 2013-1, there will be 19 series outstanding in the master trust, which had a principal balance of approximately $29.45 billion as of April 30, according to Fitch.
The $500 million class A notes were assigned a preliminary 'AAA' rating from Fitch. They feature 16% credit enhancement, derived from 4.50% subordination of class B certificates and 11.50% of collateral interest.
The $26.79 million class B notes were rated 'A'. They feature credit enhancement of 11.50%.
Fitch describes the collateral, comprised of credit card receivables from American Express cardholders, as high quality.
The underwriters on the transaction are Bank of America Merrill Lynch, RBC Capital Markets, and RBS Securities.
American Express Travel Related Services Company will service the certificates.