Citibank is back with its third offering of notes backed by credit card receivables in three months.
The $850 million class 2014-A3 Citiseries notes to be issued by Citibank Credit Card Issuance Trust (CCCIT) have been assigned preliminary AAA’ ratings by Fitch Ratings.
They benefit from credit enhancement of 18.5%, have a final maturity of May 9, 2018, and have a coupon of one-month Libor plus 20 basis points, according to the presale report.
Upon issuance of this transaction, 36 tranches of class A notes will be outstanding under CCCIT, according to Fitch. The total invested amount of notes outstanding will be approximately $38.05 billion, consisting of $30.89 billion of class A notes, $1.90 billion of class B notes, $2.54 billion of class C notes, and $2.71 billion series 2009 certificate.
Last week, Citi priced $1.5 billion of notes from the same trust at 25 basis points over swaps. These notes have an expected maturity of February 2017 and a final maturity of February 2019.
And in January, the bank priced $850 million of class 2014-A1 notes with a weighted average life of 6.99 years at 52 basis points over swaps.
