JP Morgan Chase priced its upsized $625 million credit card ABS transaction on Friday.
The deal was originally sized at $500 million with the potential to be upsized to $1 billion based on investor interest.
The class A (2013-3) notes with a weighted average life of 4.99-year, priced at 28 basis points over the one month Libor. The notes are rated ‘AAA’/ ‘AAA’ by Fitch Ratings and Standard & Poor’s, respectively.
The notes are backed by credit card receivables that arise in certain revolving credit card accounts owned by Chase Bank USA, according to a preliminary deal prospectus filed with the U.S. Securities and Exchange Commission.
JP Morgan, HSBC and RBC Capital Markets are lead managers on the deal.
With this latest deal, Fitch said in its presale report that 36 tranches of class A notes will be outstanding under Chase’s issuance trust.
The total invested amount of notes outstanding will be approximately $32.315 billion, consisting of $25.97 billion of class A notes, $3.045 billion of class B notes and $3.3 billion of class C notes.