On the sidelines for nearly a decade, Ohio-based National City Bank is looking to sell it credit-card portfolio in the asset-backed market sometime soon, sources said.

According to an S-3 filing with the Securities & Exchange Commission, National City will issue senior subordinate deals from a master trust structure. The shelf, which has a $1.3 billion limit, describes two floating-rate classes - class-A and class-B - asset-backed certificates, subordinated by an interest-only strip.

The trust is backed by the company's Visa and MasterCard portfolio. Bank of New York will be the trustee.

National City last came to the public market in 1990, with a $350 million credit card deal that priced with a yield of 9.47%, 88 basis points over the benchmark, according to Thomson Financial Securities Data. J.P. Morgan was lead manager on the deal.

In 1998, National City merged with First of America, a Michigan-based bank. First of America, also a securitizing entity, closed a $500 million deal in 1995, which was managed by Smith Barney, prior to its merger with Salomon Brothers.

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