Capital One is marketing $500 million of bonds backed by credit card receivables, according to ratings agency presale reports.
The deal, Capital One Multi-Asset Execution Trust 2013-3, consists of a single class A of three-year notes rated AAA’ by Standard & Poor’s and Fitch Ratings. It benefits from credit support of 17%.
The deal is expected to close Nov. 21.
Barclays Capital, RBC Capital Markets, and Wells Fargo Securities are the underwriters.
The deals’ structure is unchanged from the previous offering of $700 million of class A notes in May.