Capital One Bank priced a total of $750 million of class A 2014-2 and class A 2014-3 notes from its Capital One Multi-Asser Execution Trust, according to an Interactive Data report.
The notes have been assigned expected ratings of AAA’ by Fitch Ratings. The 2014-2, fixed rate, three-year notes priced at swaps plus 25 basis points. The 2014-3, floating rate, five-year notes priced at 38 basis points over one-month Libor.
Citigroup, JP Morgan and Wells Fargo are the lead underwriters on the deal.
These are the second and third deals of the year for the issuer. The class A, 2014-1 floating rate notes, issued in February, were upsized by $200 million to $950 million. The notes, rated Aaa’/ AAA’ by Moody’s Investors Service and Standard & Poor’s, respectively, priced at 20 basis points over three-month Libor.
The bank manages an aggregate credit card portfolio of approximately $73.2 billion. Roughly $33.6 billion of that has been sold the securitization trust. Including the latest deals, 15 tranches of class A notes will be outstanding under COMET. The total invested amount of notes outstanding will be approximately $11.16 billion, consisting of $9.0 billion of class A notes, $1.135 billion of class B notes and $917.5 million of class C notes.