Synchrony Bank, formerly GE Capital Retail Bank, is prepping its second credit card securitization of the year.
The $659.722 million Synchrony Credit Card Master Note Trust (Series 2015-2) will issue four tranches of three-year notes: $500 million of class A notes with credit support of 28% are rated triple-A by Standard & Poor's and Fitch Ratings; $48.61 million of class B notes with 21% credit support are rated AA+’/'AA'; $41.67 million of class C notes with credit support of 15% are rated single-A; and $69.44 million of class D notes with credit support of 5% are rated BBB+’ by S&P.
There is also $43.72 million of unrated excess collateral.
The expected payment date of all of the notes is April 2018.
JP Morgan Securities is the lead underwriter.
The notes are backed by a pool of private-label and co-branded revolving credit card receivables generated by accounts owned by Synchrony Bank. According to S&P, the composition of retailers in this trust is more concentrated than other multi-retailer private-label trusts, as the top four merchants account for approximately 87.7% of the receivables and 81.6% of the number of accounts in the pool.
Synchrony was last in the market in March when it priced $750 million of five-year notes. The senior class A notes, rated triple-A by Fitch Ratings and S&P, yields 2.386%, or swaps plus 58 basis points.
