Citibank priced an upsized $850 million credit card securitization, bringing year-to-date issuance from the bank’s credit card issuance trust to $6.2 billion.
According to an Interactive Data report, the seven-year, class A notes, rated triple-A by both Fitch Ratings and Standard & Poor’s, priced at 47 basis points over the interpolated swaps curve. That was the same level as the seven-year, triple-A tranche of a deal completed in January.
Citigroup, Deutsche Bank, RBC Capital Markets and RBS are the lead underwriters.
The latest deal brings year-to-date issuance for the asset class to $24 billion, according to S&P. “Credit card collateral continues to perform well as the 30+ day delinquency rate for bankcard trusts declined to a record low of 1.7% as of April 2014,” analysts stated in a report published today.