Capital One Bank issues $600 million of asset backed securities through J.P. Morgan.NEW YORK--(BUSINESS WIRE)--November 21, 1996--Capital One Bank today issued $600,000,000 floating rate class A asset backed certificates through Capital One Master Trust, Series 1996-2. The certificates, which have an expected maturity of December 17, 2001, were priced at 10 basis points over one month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . This transaction represents the tightest five-year floating-rate credit-card-backed transaction priced to date. J.P. Morgan was the lead manager for the transaction. The certificates are rated Aaa by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , AAA by Standard & Poor's Rating Group and AAA by Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. . The assets of the trust are receivables generated from MasterCard and Visa credit cards. The credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for the transaction is provided by $82,500,000 of floating rate class B certificates and a collateral indebtedness amount of $67,500,000. Chase Securities Inc., Deutsche Morgan Grenfell, NationsBanc Capital Markets, Inc., and UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities were co-managers for the offering. CONTACT: Press contact: Elizabeth Ross, 212/648-9539 http://www.jpmorgan.com |
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