It’s been a busy week for Chase Bank — on Wednesday the bank priced the upsized, $625 million 2014-2 offering of triple-A-rated class A notes backed by credit card receivables and immediately began marketing another $1 billion class A offering, dubbed 2014-3.
Both offerings are issued from the bank’s Chase Issuance Trust. The class A 2014-2, which have a weighted average life of 6.95 years, priced at 48 basis points over the interpolated swaps curve, according to an Interactive Data report. The deal was initially sized at $500 million.
The offering of class A 2014-3 notes, which are also triple-A rated and mature in May 2018, may be upsized based on investor demand.
JP Morgan is the lead manager on both deals. Mitsubishi UFJ Securities and RBS are co-managers on the 2014-2 notes. Credit Suisse and RBC Capital Markets are co-managers on the 2014-3 notes, according to a prospectus filed with the Securities and Exchange Commission.
Both deals are backed by credit card receivables collected from revolving credit card accounts owned by Chase Bank.