Citigroup has priced its latest issuance under the Citibank Credit Card Issuance Trust, a $1.3 billion transaction, according to Standard & Poor’s.
The 2014-A6 notes, rated AAA’ by S&P, are secured by credit card receivable certificates from Visa, MasterCard, and American Express revolving credit card accounts, and issued by the master trust.
The five-year notes priced at a spread of 35 basis points over interpolated swaps, bringing the year-to-date issuance to approximately $8 billion for the bank. The 2014-A6 notes reach final legal maturity in July 2021.
Citigroup, Barclays, Bank of America Merrill Lynch, and RBC Capital Markets are the underwriters.
The previous issuance under the master trust, Citibank Credit Card Issuance Trust 2014-A5 was completed in June, totaling $850 million. S&P rated the transaction AAA’ and the deal priced at a spread of 47 basis points over interpolated swaps, with a credit support of 18.5%.
As of July 24, 2014, there were 50 subclasses of notes outstanding in the Citiseries, totaling approximately $38.3 billion.