Capital One Financial embarked on a roadshow last week, introducing its new de-linked issuance vehicle to investors and answering questions regarding its future in the new regulatory environment. The new issuance vehicle follows in the footsteps of Citibank N.A., MBNA Bank America and, most recently, Bank One N.A. in realizing the benefits of index-eligible, subordinated classes and the ability to opportunistically offer pre-enhanced senior notes.

The inaugural offering from the new trust is expected either the week of Aug. 19 or the week of Sept. 9, with the issuer hoping to avoid the Labor Day holiday. The first deals from similar master note trusts in the past have featured single-A and triple-B rated classes in advance of the triple-A rated senior offerings.

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