First-Time Credit Card ABS Deal Cooking

  • 29 Sep 2002
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Egg, the U.K.-based online bank, will come to market with its first credit card securitization in the next few months. The deal will be at least £200 million in size and will be backed by receivables from the Egg Card, says a senior securitization official. Deutsche Bank has won the mandate for the deal. Details on expected pricing and timing of the deal could not be learned by press time last Thursday. Calls to senior Deutsche Bank officials were not returned.

Egg was created by Prudential, the U.K.-based financial services company, in 1998. The online bank also offers loans, mortgages and insurance among other financial services.

Credit card securitizations are not as common in Europe and the U.K. as they are in the U.S. Year-to-date only a handful of deals have been priced in Europe, the most recent being an E785 million issue from MBNA Bank Europe. That deal's triple-A rated tranche was priced at 16 basis points over three-month EURIBOR. Barclays Bank is also expected to come to market with a $1 billion securitization of its U.K credit card portfolio, say London securitization officials. That deal will be underwritten by Barclays Capital.


  • 29 Sep 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 25,335.44 69 12.65%
2 Bank of America Merrill Lynch 22,620.90 59 11.30%
3 Wells Fargo Securities 19,869.90 57 9.92%
4 JPMorgan 13,323.94 44 6.65%
5 Credit Suisse 11,215.28 20 5.60%