More than a year after Citibank's groundbreaking de-linked credit card master-note trust was introduced, two new companies are working on unveiling similar vehicles in the coming year, according to sources familiar with the developments. Company sources confirmed that in the coming months, top-tier issuers Capital One and First USA - which recently re-branded to Bank One - plan de-linked masternote trusts of their own.

This move was widely expected due to both trusts' sheer mass and the economic advantages available for opportunistic MTN-like tapping of the market for frequent issuers. The exact timing of the first offering from either issuer, however, is unclear at this time.

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