A portfolio of credit card payments that
This transaction, known as the WFCardSeries Class A 2024-1 notes, benefits from subordination representing 20% of the pool balance. Principal payments on the notes have an expected soft bullet maturity date of Feb. 16, 2027. Interest payments are expected on the 15th day of every calendar month, beginning on April 15, 2024.
Overall, the notes have a legal final maturity date of Feb. 15, 2029, according to ratings analysts from Moody's Investors Service. The rating agency puts a Aaa rating on the notes.
As sponsor,
As of Dec. 31, 2023, the pool's cutoff date, the weighted average (WA) credit line was $10,874, which Moody's said is low relative to other large card issuers, and in fact 69.5% of the pool has a credit limit of $10,000 or more. Also, 80.7% of the trust receivables were tied to WFBNA-owned card accounts that the bank originated at least five years ago, while the entire pool was originated at least two years ago. Further, the accounts has an approximate age of 8.9 years, which is a credit strength because cardholders who have been making payments on their cards for a long time, and they are less likely to default.
Aside from the other critical roles as sponsor and servicer,
The pool has some 1.2 million accounts, with $3.8 billion in average principal receivables. On average, the accounts have an average balance of $3,281, including zero dollar and credit balance accounts. Geographically, and among accounts that account for more than 5% of the pool, California accounts for 16.1%, followed by Florida with 11.0%.
The pool has a 0.1% gross charge-off rate, while just 0.2% of the portfolio has a 30-day-plus delinquency rate. The portfolio has a yield of 27.2%, and a monthly payment rate of 32.5%, according to Moody's.
