Credit Suisse intends to publicly place the CHF 237 million ($248mln) senior tranche of a new credit card ABS deal; it will be the first time a Swiss credit card securitization is publicly marketed, according to Fitch Ratings.
The bank is pre-placing the class B and C bonds of the deal, SCARD 2012-1. Fitch has assigned the class A notes a preliminary 'AAA' ratings. The agency plans to rate the class B and C notes 'A' and 'BBB' respectively.
The structure is backed by a pool of Swiss consumer credit card receivables originated by Credit Suisse using the American Express, MasterCard and Visa networks.