Chase Bank returns to market with another $500 million credit card receivables securitization from its Chase Issuance Trust, according to a Fitch Ratings presale report.
According to the presale report, the five-year Class A (2013-9) notes are backed by credit card receivables generated by revolving credit card accounts owned by Chase Bank USA N.A. or one of its affiliates. Credit enhancement for the class A notes totals 14.00%.
The notes are being talked in the area of 42 basis points over the one month Libor, according to an Interactive Data report.
JP Morgan, Barclays and HSBC Securities are lead managers on the deal.
According to Fitch, with the latest deal, the notes outstanding under the trust will be approximately $32.9 billion, consisting of $25.6 billion of class A notes, $3.5 billion of class B notes and $3.6 billion of class C notes.