The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated.
More than two million accounts are underpinning the transaction, called Mission Lane Credit Card Master Trust, series 2025-B, according to ratings analysts at Kroll Bond Rating Agency and Fitch Ratings. The transaction was upsized from $300 million, according to Asset Securitization Report's deal database.
The Rule 144A/Regulation S deal starts repaying investors on Sept. 15, 2025, and will and repay investors through six tranches of class A, B, C, D, E and F notes, making monthly payments until their expected legal final maturity date of Feb. 15, 2033, according to the rating agencies.
Fitch notes that 60-day plus delinquency and gross charge-off rates were 6.37% and 15.04%, respectively, as of the March 2025 collection period, down from 6.45% and 15.92% from the same period a year ago. Monthly payment rates remained stable, at 13.91%, and was just 13.87% one year ago.
J.P.Morgan Securities and
Credit enhancement levels run from 40.57% on the class A notes to 3.00% on the class F notes, according to the rating agencies.
KBRA assigns AAA, AA+, and A+ to classes A, B and C notes, while assigning BBB+, BB+ and B+ to the D, E and F classes. Fitch assigned AAA, AA, A, BBB, BB and B to classes A, B, C, D, E and F, respectively.
