Synchrony Financial’s latest private-label credit card receivables securitization is matching note-for-note the structure of its previous transaction.

Synchrony Credit Card Master Note Trust Series 2016-2 is a $650.6 million notes package backed by a pool of branded credit card receivables and led by $500 million in triple-A rated Class A notes atop the capital stack. Those notes, along with a $47.95 million in Class B notes, are being publicly issued with 27% and 20% credit enhancement features, respectively.  

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