Sporting goods retailer Cabela’s closed on its first credit card securitization of the year.

Cabela’s Credit Card Master Note Trust issued a total of $375 million of series 2015-I five-year notes. There are two senior tranches: $218.75 million of class A-1 notes that pay a fixed rate of 2.26% per year and $100 million of class A-2 notes that pay a floating rate of one-month LIBOR plus 54 basis points were sold to investors. 

Both tranches are rated triple-A by DBRS and Fitch Ratings.

That compares favorably with the most recent five-year credit card deal, from Synchrony Bank (formerly GE Capital Retail Bank), which priced this month. The senior, triple-A rated tranche yields 2.386%, or swaps plus 58 basis points. 

Cabela's trust also issued also three subordinated classes of notes in the aggregate principal amount of $56.25 million that were retained by the sponsor, World's Foremost Bank, a wholly owned subsidiary of Cabela’s headquartered in Nebraska.

World’s Foremost Bank is also the originator and servicer of the collateral. As of December 31, 2014, it had securitized approximately 93% of its credit card portfolio. The managed portfolio is approximately $4.44 billion as of December 2014.

With the series 2015-1 notes, there are a total of 13 series outstanding in the master note trust, according to rating agency reports. Accounts included in the trust have an average balance of $1500 and an average credit limit of $11,698.

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