After securitizing both dealer floorplan and business loan collateral this year, GE Capital is prepping an entrance into the credit card sector of the ABS market. While still in the preliminary stages, GE Capital unit Monogram Credit Card Bank of Georgia filed a preliminary prospectus with the Securities and Exchange Commission to securitize its private label and retail credit card originations.
The pending transaction, according to the filing, will have a three-tranche floating-rate senior/sub structure, down to the triple-B level. Monogram Bank is listed as servicer with RFS Holding as the transferor. The receivables in the trust are presumably from GE Capital's retail and private label originations. GECC offers credit cards on behalf of home improvement chains The Home Depot Inc. and Lowe's Co., as well as retail giant Wal-Mart, various units of The Gap Inc. and even the gas cards for ExxonMobil.