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.

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.