[UPDATE] New AmEx deal adds to strong credit card volumes

credit cards
By Matthew Scully
24 Jun 2014

American Express, which reported a 6.1% growth in US credit card lending since May last year, has launched a $1bn credit card ABS that will bring total issuance in the asset class to over $24bn since January.

The card issuer's $1bn fixed-rate deal is being issued from its AMXCA shelf, with Citi as structuring lead.

The 2.96 year senior tranche was launched at 23bp over interpolated swaps, just inside the 24bp area guidance. That is in line with consumer ABS spreads from comparably dated ...

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