JP Morgan Chase plans to issue a second deal from its Chase Issuance Trust, a securitization that will be sized at $750 million.
The class A notes issued under CHAIT 2013-2 will be publicly offered. Fitch Ratings assigned the single note structure a preliminary ratings of ‘AAA’.
JP Morgan priced its, 5-year, fixed rate class A1 notes issued under 2013-A1 last week at 27 basis points over interpolated Swap.
By contrast Discover Bank priced its publicly issued,five-year floating rate notes from its credit card master trust, 2013-A1 and 2013-2 on Feb.5. at 30 basis points, only a few basis points wider that the Chase deal.
World Financial Network issued the first private label credit card deal of the year last week. The senior tranche in the 5- year $500 million deal priced at 60 basis points. According to a Nomura report published last Friday, pricing on this deal was “significantly tighter” than the issuer’s last 5-year deal that priced at 90 basis points in July 2012.