JPMorgan is prepping its second credit card receivables securitization of the year in a $500 million notes offering, according to a regulatory filing.
The Class A CHASEseries (2016-2) Notes are being issued by JPMorgan’s Chase Issuance Trust, the filing with the Securities and Exchange Commission stated. The Class A notes are due 2021.
The receivables will be pulled from the trust’s pool of $387 billion in total outstanding receivables of MasterCard and VISA credit cards issued by JP Morgan.
The report noted the card accounts generating the receivables average approximately 172 months in age, with an average balance of $1,586 and an average credit limit of $10,418. Over 20% of the accounts are paid off in full each month, while 3.5% of the accounts receive the minimum monthly payment on the balance. Approximately 12.5% of the accounts are from California, 9.2% from New York, 7.9% from Texas, 6.1% from Illinois and 5.9% from Florida.
JPMorgan is the sole underwriter.