Capital One is prepping a $500 million credit card securitization, its second of the year, according to Fitch Ratings.
The deal, Capital One Multi-Asset Execution Trust (COMET) 2013-2, consist of a single tranche of class A notes with a preliminary ‘AAA’ rating from Fitch. The notes, which are being publicly offered, have a legal final maturity of Feb. 15, 2019.
The notes are part of a multiple-issuance series of notes called the COMET Card Series, which consist of class A, B, C and D notes. Credit enhancement for the latest tranche of class A notes totals 17.00%.
Upon issuance of this transaction, 15 tranches of class A notes will be outstanding under COMET. The total invested amount of notes outstanding will be approximately $9.901 billion, consisting of $7.65 billion of class A notes, $1.135 billion of class B notes and $1.018 billion of class C notes.