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Credit Card ABS Issuance Awaits New Rules, Especially for Sub Pieces


By John Hintze

December 7, 2009

Issuance of top-rated credit card ABS has picked up this year, but investors have faced a dearth of subordinated tranches until GE Capital's $76 million Class B five-year tranche priced Nov. 25 at 285 basis points over mid-swaps, setting a benchmark for more issues. Investors eager for more of the relatively lucrative paper, however, might be disappointed. This is at least until regulatory and accounting issues are resolved, and even then, many credit issuers may simply not need the financing.

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