First National Bank of Omaha is marketing a pool of receivables originated in VISA and MasterCard revolving credit card accounts owned by the bank.

First National Master Note Trust, Series 2015-1 follows a one-year hiatus from the market for the issuer. FNBO's most recent deal was in 2013.

Fitch Ratings assigned an 'AAA' to $250 million of class A notes. The $33.65 million of class B and $36.86 million of class C notes will not be rated. All of the notes have a legal final maturity of September 2020.

Credit enhancement supporting the class A notes is derived from 10.50% and 11.50% subordination of class B and C notes, respectively.

In total, the 22% credit support backing the class A notes is less than the 24% credit support in the 2013-2 transaction.

The primary assets of the trust are credit card receivables arising in VISA and MasterCard revolving credit card accounts that have been transferred directly or indirectly by the bank to the trust.

With the issuance of series 2015-1, there is a total $2.76 billion outstanding as of June 30, 2015. The active accounts designated for the trust portfolio had an average account principal balance of $1,418. As of the same period, 73.82% of total receivables outstanding had seasoning of 60 months or greater. FNBO is the servicer of the credit card accounts that it owns.

RBC Capital Markets and JP Morgan Securities are the lead underwriters of the transaction.

FNBO is a subsidiary of First National of Nebraska, which has more than 60 years of experience providing credit card services and was one of the originators of the bank credit card industry.    

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