Citibank has issued a securitization called Citibank Credit Card Issuance Trust 2012-1 transaction worth $500 million.
It had filed a Securities and Exchange Commission filing on Sept. 27 for the deal and priced it on the same day.
The capital structure included a tranche of class 2012-A1 notes that received a 'AAA' rating from Fitch Ratings and Standard & Poor's.
The sole bookrunner on the deal was Citigroup Global Markets, according to Bloomberg. Bank of America Merrill Lynch, Barclays Capital, Credit Suisse, JPMorgan Securities, Nomura Securities, RBC Capital Markets and Royal Bank of Scotland were the co-managers on the offering.
The deal had come to market amid a resurgence of credit card ABS activity. In the first nine months of 2012, issuance of credit card ABS reached $29 billion, nearly double the $16.2 billion issued for all of 2011.
Citi's deal comes after JPMorgan has come to market six times this year through its Chase Issuance Trust or CHAIT.
Both issuers join more programmatic issuers such as Discover Financial Services, GE Capital, American Express, World Financial Network, and Cabela's, who have all come to market with their respective transactions this year.