By Cristal Cody
Prospect News, April 19 - Master Credit Card Trust priced C$800 million in an upsized offering of 3.502% class A series 2011-1 credit card receivables notes due May 21, 2016 at par on Tuesday, an informed source said.
The notes (Aaa/DBRS: AAA) priced at a spread of 83 basis points over the Canadian bond curve, compared to initial guidance of 85 bps over the curve.
The deal was upsized from C$500 million.
BMO Capital Markets Corp. was the lead manager. Co-managers included CIBC World Markets Inc., RBC Capital Markets Corp., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., HSBC Capital (Canada) Inc. and Laurentian Bank Securities, Inc.
Master Credit Card Trust is a securitization vehicle for BMO MasterCard credit card receivables, the largest MasterCard portfolio in Canada.
| Issuer: | Master Credit Card Trust
|
| Amount: | C$800 million
|
| Maturity: | May 21, 2016
|
| Securities: | Credit card receivables-backed notes
|
| Bookrunner: | BMO Capital Markets Corp.
|
| Co-managers: | CIBC World Markets Inc., RBC Capital Markets Corp., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., HSBC Capital (Canada) Inc. and Laurentian Bank Securities, Inc.
|
| Coupon: | 3.502%
|
| Price: | Par
|
| Yield: | 3.502%
|
| Spread: | 83 bps over Canadian bond curve
|
| Pricing date: | April 19
|
| Settlement date: | April 27
|
| Ratings: | Moody's: Aaa
|
| DBRS: AAA
|
| Distribution: | Canada
|
| Price talk: | 85 bps over Canadian bond curve
|
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