As anticipated, Capital One Financial Corp. unveiled last week the inaugural pre-enhancing, subordinated credit card-backed issuance vehicle, dubbed "COMET" (Capital One Multi-Asset Execution Trust). Carefully gauging investor interest, lead manager Salomon Smith Barney is being flexible with the structure, allowing demand to drive tranche sizes and tenor.

As reported in last week's ASR (p. 4), the issuer would likely offer single-A and triple-B rated notes either at the three- or five-year part of the curve. As it turns out Cap One is offering all of the above, a minimum of $150 million of either three- or five-year single-As and a minimum of $150 million of either three- or five-year triple-Bs. As of press time, sources indicated demand for the single-As was strongest for the three-year notes while investor's favored five-year paper down in credit.

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