Citibank issued $1.5 billion of notes from its Citiseries issuance trust last week, according to a regulatory filing.

The series 2014-A2 notes, which have an expected maturity of Feb. 22, 2017 and a legal maturity of Feb. 22, 2019, priced at 25 bps over swaps. That was in line with pricing guidance.

By comparison, on Jan. 22, the bank priced its seven-year, A1 notes  at swaps plus 52 basis points.

Citigroup, Bank of America Merrill Lynch, JP Morgan and RBS Securities are the lead managers on the series 2014-A2 notes. They are rated 'Aaa' by Standard & Poor's.

As of February 26, 2014, there were 48 subclasses of notes of the Citiseries outstanding, with an aggregate principal amount of $33 billion.  Approximately 23.94% of the credit card receivables in the master trust are co-branded and issued under the Citibank/American Airlines AAdvantage program, according to the deal prospectus.

American Airlines completed a merger with US Airways Group last December. Any future termination of the AAdvantage program could negatively impact the payment rates and excess spread reported by the master trust.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.