Barclays Bank and American Express are offering a combined $1.19 billion of bonds backed by credit card receivables, according to rating agency presale reports.

The Barclays deal, Barclays Dryrock Issuance Trust Series 2017-2, consists of a $500 million senior tranche rated triple-A by both Fitch Ratings and Moody’s Investors Service, that benefits from 21% credit enhancement, consistent with its last securitization but three percentage points higher than its 2016 offering. There is also a subordinate tranche that is unrated and will be retained by Barclays. Both tranches have a final, legal maturity of May 2023.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.