First National Bank of Omaha is readying its first foray into the public term market, having recently filed an S-3 with the Securities & Exchange Commission to issue up to $1 billion worth of bank credit card ABS through its First Bankcard Master Trust.

The FDIC-insured bank was planning its inaugural public offering for July, allowing for the 90-day SEC review period, but learned last week that it will not be reviewed, so it is plausible the deal will hit the market sooner. First National, which plans to issue one or two deals annually, has chosen Banc One Capital Markets to underwrite the pending transaction, likely in the $350 million range.

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