National Bank of Canada plans to issue $419 million credit card receivables backed notes from its Canadian credit card trust.

The deal, series 2013-1 has been assigned preliminary ratings by Standard & Poor’s. The notes are denominated in Canadian dollars and will be sold to the Canadian market.  The class A notes have been rated  ‘AAA’; the class B notes , ‘A’; and the class C notes ‘BBB’.

The notes are backed by an ownership interest in a revolving pool of Canadian dollar-denominated MasterCard credit card receivables generated by designated accounts originated by National Bank of Canada, according to the S&P presale report.

The trust currently has two other series outstanding: series 2010-1 and 2012-1. The proceeds of the series 2013-1 issuance will refinance the recently matured series 2008-1 notes, which were repaid in full on March 25, 2013

S&P said that year to date Canadian credit card ABS issuance is ahead last year’s record of C$9.5 billion and is set to match it is  C$8 billion full year forecast in 2013. This latest deal brings issuance volume to C$2.6 billion.

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