Carrefour Banque, the captive consumer finance arm of the French retailer Carrefour S.A., Europe's largest retailer, plans to sell 400 million ($454 million) of securities backed by credit card receivables.
Carrefour (60%) and BNP Paribas Personal Finance (40%) jointly own Carrefour Banque.
The deal, called Master Credit Cards Pass Compartment France Series 2015-1, is jointly managed by Natixis, Banco Santander and HSBC Bank.
On offer are 400 million of AAA’, Standard & Poor’s rated notes, due October 2027. The notes benefit from credit enhancement of 27.23% and are supported by a subordinate B tranche sized at 118 million, which S&P will not rate.
The transaction pools credit cards with a weighted average credit limit of 4,570.88 and an average current outstanding principal balance of 1,606.92.
On average, the accounts have paid for 11 years with an average monthly interest rate of 14.21%.
More than half of the transaction pool is comprised of borrowers that owe less that 5,000, 31% of borrowers owe between 5,000 and 10,100 and 8% of the pool owe more than 10,000.
This is Carrefour Banque's third credit card receivables securitization and its fifth consumer securitization. The issuer will use the proceeds of the series 2015-1 notes to repay the existing series 2013-1.
