JP Morgan Chase plans to launch a $650 million credit card ABS transaction this week.

The class A (2013-1) 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.

Barclays Capital and RBC Capital Markets join JP Morgan as co-lead managers on the deal.

The deal is the first this year from a major money-center bank, according to Standard & Poor’s, which said that the deal could potentially be upsized to $1.3 billion based on investor interest. Year to date issuance for the asset class is $3.5 billion; at this pace S&P said that the sector could fall approximately $11 billion short of the $40 billion it had originally predicted.

Comenity Bank formerly World Financial Network Bank, priced its triple-A notes from its latest $480 million credit card ABS on Tuesday afternoon. The Series 2013-A, 4.99-year, class A, triple-A notes priced at 60 basis points.  

 

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