Credit Card Supply: Citibank Credit Card Issuance Trust is offering another $1.1 billion of notes backed by prime credit-card receivables, according to Moody’s Investors Service. The Class 2017-A5 notes, rated Aaa, will carry a coupon of one month Libor plus 62 basis points, with 18.5% subordination.
The Citi trust currently holds approximately $40 billion of Citi’s $126.4 billion managed credit-card portfolio. Citi has added 7.7 million accounts and $22.8 billion in receivables balances since September 2013 to the trust, unlike other issuers that have refrained from adding new accounts to their master trust platforms in recent years. The pool in 2017-A5 includes has an 87% concentration of accounts older than five years.