Credit card ABS trading dwindling as big banks hold back

Once a benchmark ABS sector, credit card bonds experienced a dramatic decline in issuance last year, leading to big drop in trading activity that is expected to continue in 2020.
Credit card ABS issuance has "fallen off a cliff" over the last year, declining by 35.9%, according to Bank of America, from roughly $42bn in 2018 to $26bn in 2019. The decline was largely driven by large bank sponsors like Citibank preferring to fund card receivables with cheap
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