Almost one year after closing, 2002 ASR Breakthrough Deal of the Year (see ASR 1/6/03) Pass-Through Account Credit Card Trust (PACCT) is in relatively good shape, performing in line with base-case forecasts used to structure the transaction. Citigroup, which co-led the deal with Goldman Sachs, chronicled the progress in a report last week, noting specifics have been mixed, with chargeoffs below estimates but portfolio yield and purchase rates slightly below initial forecasts.
Chargeoffs for the trust as a whole have averaged 37.25%, inside of the estimated 48.99% used when structuring the deal throughout the first half of last year. Portfolio yield is currently 35.48%, below the initial 42.76% forecast. Overcollateralization sits at 37.91% while credit enhancement for the triple-A rated securities sits at 81.25% on a consolidated basis, notes Citigroup researcher Mary Kane, who authored the report.