American Express is marketing $571.43 million of notes backed by prime credit card receivables, according to Fitch Ratings.

The American Express Credit Account Master Trust, Series 2015-1 will issue three tranches of notes with preliminary ratings from Fitch: $500 million of notes that benefit from credit support of 12.5% are rated ‘AAA’ ;$15.71 million of notes  with credit support of 9.75% are rated ‘A+’; and $37.14 million of notes with credit support of 3.25%  are rated ‘BBB+’.

All of the notes have a legal final maturity of January 2020.

There is also an $18.57 million tranche of unrated notes.

Series 2015-1 is structured with a revolving period, during which investors will receive floating-rate interest payments. At the conclusion of the revolving period, this series will enter the controlled accumulation period, which is scheduled to begin on June 1, 2016. At closing, the controlled accumulation period for series 2015-1 is scheduled to last for 12 months.

With the issuance of series 2015-1, there will be 17 series outstanding in the master trust. Principal receivables totaled approximately $27.59 billion as of May 31, 2015. The active accounts designated for the trust portfolio had an average account balance of $3,689. As of the same period, 100% of total receivables outstanding had seasoning of 60 months or greater. The trust is geographically diverse, with the top five states ? California, New York, Florida, Texas and New Jersey ? representing approximately 47.53% of the outstanding receivables pool.

Barclays Capital, Mitsubishi UF J Securities and wells Fargo Securities are the underwriters.

The most recent credit card securitization is from Cabela’s, which last week priced a $340 million deal. The deal consisted of two triple-A rated tranches with a weighted average life of five years: $240 million of class A-1 notes pay 62 basis points over interpolated swaps and $100 million of class A-2 notes pay 67 basis points over one-month Libor.

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