Two deals backed by Canadian dollar denominated credit card receivables, led by BMO Nesbitt Burn, will total C$1.7 billion.

BMO and Scotia Capital have arranged a securitization backed by credit card receivables generated by Canadian Tire Bank, according to Standard & Poor’s.

The deal called Glacier Credit Card Trust series 2013-1 will offer investors C$250 million of S&P rated, ‘AAA’, senior notes; and C$14.55 million ‘A’ rated, subordinate notes.  The senior notes will receive 10.43% credit enhancement. The subordinated notes will receive 5.21% credit enhancement.

The deal is backed by a revolving pool of MasterCard and retail credit card receivables generated by accounts originated by CTB.  The credit card ABS trust currently has five series outstanding: 1997-1, 2006-2, 2010-1, 2012-1, and 2012-2.  

BMO is also underwriting the C$1.06 billion credit card ABS backed by a pool of MasterCard accounts originated by Bank of Montreal, according to S&P.

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