Although Wachovia Bank has indicated that it is looking to sell its credit card business, the longtime securitization veteran will step back into the market with its dealer floorplan financing platform.
Last week, Wachovia filed with the Securities & Exchange Commission to securitize up to $1 billion in dealer floorplan loans.
The filing describes four tranches of A-class notes plus certificates.
Wachovia recently brought on Mark Mahoney, who was formerly head of First Union Institutional Debt Management, the bank's investment management arm affiliated with First Union's in-house CDOs.
In February, Wachovia announced it had retained Credit Suisse First Boston to assist in the possible sale of its credit card business, which has $8 billion in receivables.
Wachovia has brought four credit card deals to market since 1995, most recently last July, via a joint lead of Lehman Brothers and Wachovia's own capital markets division.
