American Express plans to return to market this year with a second issue from its American Express Credit Account Master Trust.

The deal, Series 2013-2, will offer investors $555.55 million of asset-backed notes that are secured by receivables generated by its consumer and small business charge accounts, according to a Fitch Ratings presale report.

Fitch assigned preliminary rating of ‘AAA’ to the $500 million class A notes.

The structure will also offer $22.22 million of ‘A+’-rated class B notes and $33.33 million of ‘BBB’-rated class C notes.

The class A notes will be sold publicly and the class B and C notes may be purchases directly by an affiliate of the American Express.

The credit enhancement supporting the class A notes totals 10% and is derived from 4% subordination of the class B notes and 6% subordination of the class C notes, according to Fitch.

Bank of America Merrill Lynch, Credit Suisse and JP Morgan are lead underwriters on the deal.

Series 2013-2 is the second public transaction issued out of the trust.  In July, American Express issued a $595.24 million deal.

 

 

 

 

 

 

 

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