Chase USA filed an S-3 with the Securities and Exchange Commission to issue under its Chase Issuance Trust program.

The deal will be backed by credit card receivables generated from transactions made by holders of selected MasterCard and VISA revolving credit card accounts from the portfolio of MasterCard and VISA revolving credit card accounts owned by Chase USA or by one of its affiliates, according to the filing.

For a complete copy of the SEC filing, please click on this link.

In other ABS deal news, LEAF Funding is in the market with an equipment contract-backed deal. The eight-tranche transaction is called LEAF Receivables Funding 5, LLC Series 2010-4 (LEAF 5 2010-4).

This deal represents the fifth term Rule 144A ABS sponsored by LEAF Financial since 2007, according to a presale by DBRS. The LEAF 5 2010-4 pledged assets comprise a segregated pool backed primarily by a pool of secured commercial loan contracts, finance leases and fair market value leases acquired or originated by Leaf Financial.

The presale report from DBRS said that the transaction structure and the collateral pool are similar to LEAF Financial’s previous term Rule 144A offering. The current deal's credit enhancement was provided via overcollateralization, subordination, a cash reserve account and excess spread, the rating agency said.


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