J.P. Morgan on Monday priced $900 million of five-year notes backed by credit card receivables via its Chase Issuance Trust, according to a regulatory filing.

The Class A(2012-10) notes are a tranche of the Class A notes of the CHASEseries. J.P Morgan had originally filed plans with the Securities & Exchange Commission for an offering of $500 million notes, but said in the prospectus that the offering could be increased to as much as $1 billion

An update to the prospectus, filed today, indicates that a total of $900 million was priced at one-month Libor plus 26 basis points.

The assets of the issuing entity include credit card receivables that arise in certain revolving accounts owned by Chase Bank; the collateral certificate, Series 2002-CC, issued by the First USA Credit Card Master Trust; and the collection account, the excess funding account and any other supplemental accounts, including the interest funding account and the principal funding account, according to the prospectus. 

The original prospectus indicates that a $500 million tranche would have brought total outstanding issuance $33.63 billion, including $26.85 billion of Class A notes, $3.23 billion of Class B notes, and $3.55 billion of Class C notes.

J.P. Morgan Securities was the sole lead on the deal.

The deal brings credit card ABS issuance for the year to date to just over $49 billion, according to research published today by Standard & Poor’s.

S&P noted that outstanding credit card ABS has shrunk as the amount of paper maturating this year has exceeded the number of new deals. Nevertheless, the ratings agency says, credit card ABS issuance has exceeded the $6 billion net increase in credit card debt through October. 

S&P says this reflects the desire by some banks for alternative funding sources to deposits.

S&P expects issuance of credit card ABS to be roughly flat in 2013 at around $40 billion. That would fall short of the $50 million of outstanding credit card ABS set to mature next year.

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