Capital One is marketing $500 million of notes backed by credit card receivables via its Capital One Multi-Asset Execution Trust (COMET), according to Fitch Ratings
Fitch Ratings expects to assign a ‘AAA’ rating to the $250 million class A (2015-7) notes with an an expected life of three years and a final maturity of August 2021 and $250 million class A (2015-8) with an expected life of five years and a final maturity of August 2023.
Both series are being publicly offered and benefit from credit enhancement of 21%.
COMET card series allows for the sale of either a single-note series or a multiple-note series; a multiple-issuance series consists of class A, B and C notes, with subclasses that may be offered independently with differing terms, issuance dates and maturities.
The sponsor was last in the market with a series of two-year notes in August.
Upon issuance of this transaction, 24 tranches of class A notes will be outstanding under COMET. The total invested amount of notes outstanding will be approximately $19.18 billion, consisting of $15.43 billion of class A notes, $1.88 billion of class B notes and $1.88 billion of class C notes
Bank of America Merrill Lynch, J.P. Morgan Securities, and RBC Capital Markets are the underwriters.