Barclays is planning to issue $500 million of credit card backed notes from its Drydock Issuance Trust.
The Series 2014-3 class A notes are rated AAA’/ AAA’ by Fitch Ratings and Standard & Poor’s. They will pay a fixed rate of interest and are expected make a final payment in September 2019. The legal final maturity is 2022.
In addition to the class A notes, the series 2014-3 includes $109.75 million of class B notes that will be retained by the issuer.
In its presale report, Fitch noted that chargeoffs and 60 day plus delinquencies for the trust have remained relatively stable over the past 24 months, and the monthly payment rate has remained consistent since the inception of the trust. Gross yield has been robust over the past two years.
With the issuance of series 2014-3, there will be six series outstanding in the master trust. Principal receivables totaled approximately $5.4 billion as of July 31.
The active accounts designated for the trust portfolio had an average account balance of $2,195. As of the same period, 53.22% of total receivables outstanding have seasoning of 60 months or greater. The trust is geographically diverse, with the top five states, California, New York, Florida, Pennsylvania, and Texas, representing approximately 35.01% of the outstanding receivables pool.