Citigroup Issues Another $500M in Credit Card ABS

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Citigroup is issuing two more tranches of senior notes totaling $500 million from its credit card master trust, according to a presale report from Fitch Ratings.

Citibank Credit Card Issuance Trust Class 2017-A3 and 2017-A4 series ($250 million apiece) are both rated ‘AAA’ and benefit from 18.5% credit enhancement (a consistent level from previous trust issuances dating back to 2012). The A3 notes will be pay a fixed rate of interest, and the A4 notes will pay a floating-rate of interest pagged to one-month Libor.

Boht have an expected maturity of three years and a legal, final maturity of five years.

The latest transaction will build the number of outstanding Class A notes issued through the trust to $22.76 billion. With its two prior issuances this year in January ($750 million and $1.75 billion), Citi has now launched $3 billion in its senior-most notes issued through its card securitization platform.

The trust also issued a series of unrated subordinate Class B and C notes in February. The managed portfolio’s outstanding subordinate notes includes $1.55 billion in B notes, $2.11 billion in C notes along with a super-subordinate $2.03 billion series 2009 certificate.

The notes are backed by prime-credit card receivables serviced by Citibank.

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