Comenity Bank formerly World Financial Network Bank, plans to issue a $480 million securitization from its credit card master note trust.
Series 2013-A, has been assigned preliminary ratings by Standard & Poor's and Fitch Ratings. The class A notes are rated ‘AAA’/’AAA’; the class M notes are rated ‘AA+’/‘AA’; the class B notes are rated ‘A+’/ ‘A+’ ; and the class D notes are rated ‘BBB’/ ‘BBB’.
The class A, M, B, and C notes are supported by 25.00%, 21.25%, 16.50%, and 4.0% subordination, respectively, as a percent of the series 2013-A's aggregate note balance.
The securitization is backed by a collateral certificate representing an ownership interest in the receivables held by World Financial Network Credit Card Master Trust, according to the presale reports.
RBC Capital Markets is lead underwriter on the deal.