Barclays plans to issue $500 million of credit card securities from its U.S. credit card master trust, Drydock.
The series 2015-1 notes are the ninth series of notes to be issued from the trust since it was established in 2012. Fitch Ratings and Standard & Poor’s assigned preliminary ratings of AAA’ to the five-year notes.
An unrated class B tranche is also included in the offering; it provides 18% credit support to the class A notes.
The series 2015-1 transaction structure has not changed from that of the previous transaction, series 2014-5, according to S&P's presale report. The weighted average age of accounts in the trust is approximately 4.8 years and on average these accounts have a balance of $2,298. Most of the receivables are originated from accounts with FICO scores higher than 720.
Collateral performance within the trust remains stable, according to S&P. Three-month average loss rates remain in the 2.75%-3.00% range, and three-month average total payment rates remain above 25%.
As of Dec. 31, 2014, the trust included approximately $7.20 billion in credit card receivables that were generated by 3.1 million designated accounts. Of these accounts, about 94.5% were co-branded with 18 different partners.