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.
