First USA Bank issues $436.2 million of credit card asset backed securities via J.P. Morgan.NEW YORK--(BUSINESS WIRE)--Dec. 4, 1996--First USA Bank today issued $400 million Class A floating rate asset backed certificates, Series 1996-8, and $36.2 million Class B floating rate asset backed certificates, Series 1996-8, through First USA Credit Card Master Trust. The Class A certificates and Class B certificates were priced at 12 basis points and 34 basis points over one month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , respectively. The 12 basis point spread on the Class A tranche represents the tightest pricing to date on a seven-year floating credit-card-backed transaction. The Class A certificates, which are rated AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. 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 and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index Ratings Group, and AAA by Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. , have an expected final maturity of January 2004. The Class B certificates, which are rated A2 by Moody's Investors Service, A by Standard and Poor's Ratings Group, and A by Fitch Investors Service, have an expected final maturity of January 2004. The trust's assets are receivables generated from Mastercard and Visa credit card accounts. Credit enhancement for the transaction is provided by a 9.5% collateral invested amount (CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ) and excess spread between the trust's assets and liabilities. J.P. Morgan was the lead manager for the transaction. NationsBanc Capital Markets, Inc. and Salomon Brothers Inc were co-managers for the offering. CONTACT: J.P. Morgan & Co. Incorporated Press contact: Elizabeth Ross, 212-648-9539 www.jpmorgan.com |
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