Canadian Imperial Bank of Commerce is marketing a credit card receivables deal backed by a pool of approximately $13.4 billion in receivables called CARDS II Trust‘s series 2013-1.
Fitch Ratings and Moody’s Investors Service assigned preliminary ratings to the deal’s class A and class B notes ‘AAA’/ ‘Aaa’ and ‘BBB’/ ‘Baa1’ respectively. The notes have not been sized yet, according to the Fitch presale.
With the issuance of the series 2013-1 notes, there will be 11 series outstanding in CARDS, according to Fitch. Receivables totaled approximately $13.4 billion as of Nov. 30, 2012.