The past couple of weeks appear to be positive for credit card issuance. After Citibank priced its deal last week after not coming to market since 2009, JPMorgan Chase today priced an upsized offering under its Chase Issuance Trust.
Adding to the growing number of credit card ABS transactions, GE Capital today filed with the Securities and Exchange Commission (SEC) to issue under its GE Capital Credit Card Master Note Trust.
The underwriter on the transaction's class B notes is Royal Bank of Scotland, according to the SEC filing.
According to the filing, the Class B notes benefit from credit enhancement via the subordination of the Class C notes and a specified amount of excess collateral.
The notes will be paid from the issuing entity’s assets, which comprise mostly of receivables backed by a portfolio of private-label and co-branded revolving credit card accounts that are owned by GE Capital Retail Bank.