Barclays priced $500 million of notes backed by credit card receivables Thursday via its Drydock Issuance Trust.

The Series 201502 notes have an expected final payment date of May 2018 and are rated triple-A by Standard & Poor’s and Fitch Ratings. According to a regulatory filing, they pay interest of 1.56% per year and were priced at 9.994% of par.

The notes benefit from 18% credit support in the form of subordination of class B notes, which were not publicly sold. According to S&P, this is likely to withstand a potential shift in the pool composition, including the exit of one or more programs with the highest payment rates and the lowest loss rates.

The Series 201502 Barclays 10th U.S. credit card securitization since the trust was established in 2012.

On April 1, 2015, the firm added accounts to the trust's pool, totaling approximately $1.5 billion in outstanding principal receivables. “In our opinion, there was not a material change in the trust's collateral composition following the account addition, and we did not revise any of our base case or stressed performance assumptions following the addition,” S&P stated in its presale report.

“Since the last transaction, collateral performance has generally remained stable, with three-month average loss rates remaining in the 2.75%-3.00% range and three-month average total payment rates remaining above 25.00%.”

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