GE Capital is in the market with GE Capital Credit Card Master Note Trust Series 2012-1 worth roughly $606 million.
The deal's Class A and B notes will be publicly offered. However, the class C notes will not be offered publicly at issuance, according to a Fitch Ratings presale report.
Noteholders will receive monthly interest payments on the 15th business day of each month, starting March 15. the rating agency stated.
Moody's Investors Service has provisional ratings of 'Aaa (sf)' rating to the senior Class A Notes, a 'A2 (sf)' rating to the Class B notes, and a 'Baa2 (sf)' rating to the Class C notes.
In Canada, Bank of Montreal (BMO) is in the market with a card ABS called Master Credit Card Trust Series 2012-1.
According to a DBRS report, which is rating the deal along with Moody's, for the Class A Notes, credit enhancement will be available via a 5.5% subordination, excess spread and the Cash Collateral Account. This account will be zero at closing, but can actually build up to 5% of
the initial allocated amount if the excess spread is compressed below stated levels. For the Class B Notes, credit enhancement will be available via excess spread and the cash collateral account.