JPMorgan Chase is issuing its third credit-card securitization of the year – and the second this month – through its Chase Issuance Trust (CHAIT) platform of CHASEseries notes.
The new deal is structured, similarly to 2016’s previous deals, as a $500 million offering of floating rate notes. Credit enhancement on the seven-year notes is set at 14%.
Fitch Ratings has issued an expected structured finance rating of ‘AAA’ on the notes.
Upon issuance, there will be 30 tranches of Class A notes outstanding under the CHAIT program, and are part of $33.3 billion in total invested notes divided between Class A ($27.3 billion), Class B ($3.09 billion) and Class C ($2.98 billion).
JPMorgan filed for
Underwriters for 2016-3 include JPMorgan, Societe Generale, and RBC.
Standard & Poor’s is also expected to file ‘AAA’ ratings on the notes.