Citibank priced an offering of $1.12 billion of floating rate bonds backed by credit card receivables from its Citibank Credit Card Issuance Trust.
The Class 2013-A12 pay interest of three-month Libor plus 43 basis points, according to a regulatory filing.
According to the filing approximately 23.86% of the credit card receivables in the master trust are related to credit cards issued under the Citibank/American Airlines AAdvantage co-brand program, as of September 29, 2013.
The bank also plans to issue $1 billion from its reopened CCCIT 2013-A6 and 2013-A7 transactions, bringing year to date issuance from its credit card trust to $11.5 billion, according to Standard & Poor’s.
Total, year-to-date credit card ABS issuance is $35 billion compared to $39 billion for 2012. S&P said it expected issuance to exceed $35 billion in 2014.