Capital One Bank upsized and priced a $550 million note backed by credit card receivables from its Multi-Asset Execution Trust, according to a deal document.

The deal was originally sized to sell $500 million worth of securities. The 2014-4 series of Class A notes, rated ‘AAA’ by Standard & Poor’s, priced at 36 basis points over the one month Libor. The notes have an expected maturity of August 2019.

Barclays Capital, Credit Suisse Securities, RBC Capital Markets, Bank of America Merrill Lynch, Goldman Sachs, J.P. Morgan Securities, and Wells Fargo Securities are the underwriters.

The latest tranche of Class A notes benefit from credit enhancement of 17% provided by the class B, C, and D notes outstanding, which are subordinate.

In its presale report, S&P stated that the receivables designated to the master trust reflect a well-seasoned, geographically diversified prime portfolio with high FICO scores, long performance histories, and a high percentage of accounts making full payments. Also, the balances and credit limits are higher in 2014 than they were in 2007, before the financial crisis.

Capital One was last in the market with a credit card deal in April, when it sold $750 million of class A notes in two tranches, a three-year tranche and a five-year tranche that priced, respectively  at 38 basis points over one month Libor and at 25 basis points over swaps.  

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