Citibank Cred Card Issuance Tr Issues New Notes.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Dec. 13, 2000-- Citibank CITIBANK First National City Bank Credit Card Issuance Trust has issued $750 million in new notes to the floating-rate class A-2 notes of November November: see month. 2003 (legal maturity date November 2005) and $250 million in new notes to the 6.875% class A-3 notes of November 2007 (legal maturity date November 2009). All of these notes are rated triple-'A'. These class A notes form a part of the same subclass In programming, to add custom processing to an existing function or subroutine by hooking into the routine at a predefined point and adding additional lines of code. subclass - derived class and have the same terms as the issuer's outstanding $2.25 billion floating-rate class A-2 notes issued on Nov. 7, 2000, and $0.75 billion 6.875% class A-3 notes issued on Nov. 28, 2000. With these issuances, the aggregate outstanding dollar principal amount (ODPA ODPA on Demand Platform Authentication ODPA on Demand Port Activation ) of the class A-2 notes will increase to $3 billion, and the aggregate ODPA of the class A-3 notes will increase to $1 billion. With the increase in the class A-2 and A-3 notes, Citiseries will consist of $6.8 billion ODPA of notes. Going forward, the overall outstanding dollar principal balance for the trust will increase as future subclasses of notes are issued or increased, and decrease as subclasses of notes mature. The ratings on the notes continue to reflect the strength and experience of Citibank S.D. N.A. ('AA-/A-1+') as seller, servicer, and originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting of the Issuance Trust and Citibank Nev. N.A. ('AA-/A-1+') as seller and originator of the Issuance Trust; the strong and stable portfolio performance of Citibank Credit Card Master Trust I; the satisfaction of certain issuance conditions; 12.25% credit support provided by the class B notes (5.25%) and the class C notes (7%); and the sound structural and legal provisions, Standard & Poor's said. ---CreditWire Copyright 2000, Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. |
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