DEUTSCHE Morgan Grenfell brought Citibank back to the fixed rate Deutschmark sector this week, with a seven year deal targeted primarily at German investors. The senior tranche of Citibank Credit Card Master Trust 1 Series 1998-5 was increased from DM1bn to DM1.25bn on the day of launch and came at the tight end of price talk. Class 'A', rated triple-A, was issued at 102.10 and re-offered at 99.65 to yield 25bp over the 7.375% January 2005 Bund with a coupon of 4.78%. The DM80m subordinated tranche, rated A2/A, pays a 5.18% coupon.
March 27, 1998
