Citibank has priced an $850-million credit card securitization. The class 2014-A1 notes structured with a weighted average maturity of 6.99 years, priced at 52 basis points over swaps, according to a person familiar with the deal.
Fitch Ratings rated the notes AAA.' Citigroup, BofA Merrill Lynch, Mitsubishi UFJ Securities and RBS Securities are lead underwriters on the deal.
Earlier this month, Discover priced its five-year, triple-A notes at 43 basis points over one-month Libor.
The shorter-dated, 3-year, class A notes — issued off of the Chase Issuance Trust — priced at 27 basis points.
With the latest deal, Citibank has issued a total of 34 tranches of class A notes under the trust, according to a Fitch presale report.
The total invested amount of notes outstanding is approximately $35.06 billion, consisting of $28.54 billion of class A notes, $1.72 billion of class B notes, $2.29 billion of class C notes, and $2.49 billion series 2009 certificate.