Bank of America and Chase have priced credit card securitization deals worth a total of $2 billion.
BofA's deal was upsized to $1.25 billion from $1 billion. It comes only three months after the originator returned to the market following a four-year hiatus.
The Class A 2014-2 notes priced at 27 basis points over one month Libor. The notes have a scheduled principal payment date of April 2017 and a final maturity of September 2019.
BofA Merrill Lynch, Barclays, Mitsubishi UFJ Securities, RBS, and Wells Fargo Securities are the lead arrangers on the deal.
Chase Bank’s Class A 2014-5 note offering, issued from the Chase Issuance Trust, was also upsized, to $825 million from $500 million. The notes priced at 37 basis points over one month Libor. They have a scheduled principal payment date of April 15, 2019 and a final maturity of April 2021.
J.P. Morgan, RBC Capital Markets and RBS are the underwriters.
The previous tranche of Class A notes, issued in mid-April, have a scheduled principal payment date of April 2016 and pay interest of Libor plus 13 basis points.
