First National Bank of Omaha issued a $250 million bank credit card ABS through its First Bankcard Master Trust.
Fitch Ratings and Moody's Investors Service assigned preliminary ratings to the deal named First National Master Note Trust Series 2013-2. The class A floating rate, asset-backed notes will be rated ‘AAA’/ 'Aaa' respectively.
The notes are backed by approximately $2.4 billion of consumer credit card receivables originated in VISA and MasterCard revolving credit card accounts owned by First National Bank of Omaha. JP Morgan and Wells Fargo Securities are lead underwriters on the deal.
First National Bank of Omaha issued credit cards nationally through four main segments: national direct marketing, agent bank programs, co-branded programs and commercial card programs. Commercial card receivables are not included in the securitization trust and cobranded cards make up less than 11.8% of the trust.
There are now four series outstanding in the master trust, according to the Fitch presale report. Principal receivables totaled approximately $2.34 billion as of June 30, 2013.The accounts in the credit card trust had an average principal balance of $1,588 and 84.52% of the receivables had a seasoning of 60 months or greater,