Royal Bank of Scotland has launched its first public credit card ABS since 2005, and looks set to be the first issuer to close a deal in 2012.
The deal, Arran Cards Funding 2012-1, is a $500m 1.49 year senior tranche offered at 70bp over one month Libor. The tranche was once covered on Wednesday afternoon, with good interest from the US, and more orders expected on Thursday. The deal will close this week.
Although a public