Citigroup Global Markets has developed a credit card ABS index that compares deal data from 13 of the most prominent issuers in the sector such as American Express, Bank of America, Capital One Financial, Citibank, Discover, JPMorgan Chase, MBNA America Bank and The Metris Companies. Using one deal from each issuer as a benchmark, the index weights issuers by master trust balances and will also feature individual issuer comparisons against each other and against the index.
In choosing which deals to use as benchmarks for each issuer, Citigroup chose the highest coupon fixed-rate deals outstanding in a particular trust. In the case of issuers without any fixed-rate deals, floaters were substituted. The index also enables users to compare data from six alternative issuers, such as GE Capital Corp. and National City Bank, but does not directly include them in the index.