Canadian Imperial Bank of Commerce is issuing the first credit card securitization denominated in U.S. dollars in almost three years.

The CARDS II Trust, Series 2015-2 will issue two, as-yet unsized tranches of notes: a senior tranche denominated in U.S. dollars and rated ‘Aaa’ by Moody’s Investors Service; and a subordinated tranche in Canadian dollars rated 'Baa1'.

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