Barclays priced the ffirst credit card deal of the year from its Dryrock trust.

The $500 million transaction called Series 2013-1 is collateralized by Barclaycard U.S. brand credit card receivables.  The class A, floating rate, triple-A rated notes priced at 34 basis points over one-month Libor, according to a pricing term sheet filed with the US Securities and Exchanges Commission.  

Barclays co-managed the deal with Citigroup, Credit Suisse and JP Morgan.

The senior notes have 21.0% of credit enhancement provided by a subordinate class B note that has not been rated by Moody’s.

Barclays last deal to be issued from the trust was at the end of 2012. Dryrock Issuance Trust issued $1 billion bonds through Series 2012-1 worth $700 million and 2012-2 worth $300 million.  Standard & Poor’s said that Dryrock credit card receivables have exhibited similar performance trends over the years as receivables in S&P’s bank credit card performance index.

The deal brings year to date volumes in credit card securitizations to $24 billion, according to S&P.  

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