Comenity Bank is marketing $328.9 million of bonds backed by credit card receivables from its World Financial Network Credit Card Master Note Trust, according to Fitch Ratings.

The Series 2015-B offering consist of$250 million senior, ‘AAA’ rated notes that benefit from credit enhancement of 24%; $13.98 million of ‘AA’ rated notes with 19.75% credit support;  $13.98 million of ‘A+’ rated notes with 15.5% credit support; and $37.83 million of ‘BBB’ rated notes with 4% credit support.

The trust will also issue $13.15 million of unrated notes.  

With the issuance of series 2015-B, there will be 12 term series outstanding in the master note trust, with principal receivables totaling approximately $5.90 billion as of June 30, 2015, according to Fitch. Comenity was last in the market with a $300 million offering in April.

As of June 30, the active accounts designated for the trust portfolio had an average principal receivables balance of $412 and an average credit limit of $1,399. The average utilization rate for all accounts was 6.6%. The average seasoning of the accounts in the trust was approximately 74.82 months.

The trust is geographically diverse, with receivables originated in the top five states - Texas, California, Illinois, New York and Florida - representing 39.56% of the pool.

In its presale report, Fitch said that chargeoffs have ticked upward in recent periods, although they continue to be well below crisis levels. As of the June 30, 2015 period, gross chargeoffs were 7.05%, compared with the 12-month average of 7.27% for the same prior-year period and an average of 8.55% since 2004.

Day-to-day servicing of the 2015-B notes will be provided by Comenity Bank. Comenity Servicing LLC will be the subservicer for the trust

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