Capital One issued a $750 million credit card asset backed securitization deal.

The deal, Capital One Multi-Asset Execution Trust, class A (2013-1) Notes, marks the return by the issuer to the securitization market after a three-year absence.

JP Morgan and RBS Securities are lead managers on the deal. Wells Fargo is involved on the deal as co-manager.

Fitch Ratings assigned a preliminary ‘AAA’ rating to the class A, three-year, notes that were publicly offered. This tranche priced at 15 basis points over  interest rate swaps, according to a person familiar with the deal.

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. According to the Fitch presale report, with the latest deal included, 16 tranches of class A notes will be outstanding under COMET. The total invested amount of notes outstanding will be approximately $11.012 billion, consisting of $8.75 billion of class A notes, $1.135 billion of class B notes, and $1.018 billion of class C notes.

Credit card ABS outstanding fell 22% in 2012 to $127.9 billion from $164.1 billion in 2011, according to SIFMA data. This amount was down 61% from the 2007 peak. Analysts at Wells Fargo said in a Jan. 17, report that they anticipate new issue volumes will reach $35 billion in 2013 with more issuers that have largely been absent from the market, returning in an effort to manage their maturing ABS and exposure to the securitization market.

The bank said that Capital One would likely be joined by other  Bank of America Merrill Lynch’s, Bank of America Credit Card Trust; and Citibank’s credit card issuance trust. 

“Some investors have indicated to us that a reinvigorated credit card ABS sector would be welcome given the abundant liquidity currently available,” said analysts.

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