New Issue: Glacier Trust prices C$200 million 2.807% five-year asset-backed notes at par

By Cristal Cody

Prospect News, May 24 - Glacier Credit Card Trust on Thursday launched and priced C$200 million of 2.807% five-year senior credit card asset-backed notes (DBRS: AAA) at par, a bond source said.

The series 2012-1 notes due May 19, 2017 priced at a spread of 138 basis points over the Canadian bond curve, or 137.5 bps over the government benchmark.

RBC Capital Markets Corp. and Scotia Capital Inc. were the lead managers. Co-managers were BMO Capital Markets Corp., CIBC World Markets Inc., TD Securities Inc., HSBC Capital (Canada) Inc. and National Bank Financial Inc.

The notes are backed by credit card receivables from Canadian Tire Bank, a subsidiary of Toronto-based Canadian Tire Corp., Ltd.

Issuer:	Glacier Credit Card Trust
Amount:	C$200 million
Maturity:	May 19, 2017
Securities:	Senior credit card asset-backed notes
Bookrunners:	RBC Capital Markets Corp., Scotia Capital Inc.
Co-managers:	BMO Capital Markets Corp., CIBC World Markets Inc., TD Securities Inc., HSBC Capital (Canada) Inc., National Bank Financial Inc.
Coupon:	2.807%
Price:	Par
Yield:	2.807%
Spread:	138 bps over Canadian bond curve, or 137.5 bps over government benchmark
Pricing date:	May 24
Rating:	DBRS: AAA
Distribution:	Canada

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