Capital One is returning to the securitization market with $750 million of notes backed by credit card receivables.
The offering consists of $500 million class A notes of with a legal final maturity of June 2022 and $250 million of notes with a maturity of June 2024. All benefit from credit enhancement of 21% and are rated ‘AAA’ by Fitch Ratings.
J.P. Morgan Securities, RBC Capital Markets, Wells Fargo Securities, and Capital One Securities are the underwriters.
The notes will be issued from will be issued from the Capital One Multi-Asset Execution Trust, or COMET. 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 $23.58 billion, consisting of $18.03 billion of class A notes, $2.58 billion of class B notes and $2.28 billion of class C notes.
