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.
The filing describes three subordinate floating-rate classes. As of Dec. 31, 2001, the bank had approximately $2.3 billion in outstanding credit card receivables, and total delinquencies at 4%.
The company brought its first deal in 1997 via its master trust, a $220 million private transaction with NationsBanc Capital (since then acquired by Bank of America). The issuer has come twice in the last two years, each deal in the $400 million range, both via Banc of America Securities. The bank established its master trust in 1995, and has securitized through the conduit market several times.
First National has been serving Omaha and surrounding areas for more than 130 years, according to the bank's Website.