Providian Financial Corp. launched four deals from its new de-linked credit card ABS trust last week, the first since Washington Mutual Inc. announced it would take over the company and its $18 billion credit card portfolio. All four single tranche were upsized and priced in-line with guidance.
The three-year deal, out of the Providian Series Notes trust, was comprised of four separate de-linked tranches. Initially slated at $732 million early in the week, the deal grew to nearly $915 million by closing Wednesday. The triple-A series 2005-A1 tranche priced at six basis points over one-month Libor, on the inner rim of guidance and in-line with industry averages, while the double-A-rated series 2005-M1 tranche priced at 17 basis points over one-month Libor. The single-A-rated series 2005-B1 priced at 30 basis points over one-month Libor, and the triple-B-rated series 2005-C1 priced at 55 basis points over one-month Libor, both in-line with guidance.