First USA Bank issues $817.77 million of credit card asset backed securities via J.P. Morgan.NEW YORK--(BUSINESS WIRE)--January 27, 1997--First USA Bank today issued $750 million Class A Floating Rate Asset Backed Certificates, Series 1997-1 and $67.77 million Class B Floating Rate Asset Backed Certificates, Series 1997-1 through First USA Credit Card Master Trust. The Class A Certificates and Class B Certificates were priced at 10 basis points and 31 basis points over one month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , respectively. The 10 basis point spread on the Class A tranche represents the tightest seven-year floating rate credit-card-backed transaction to date, breaking the previous record by 2 basis points, also set by First USA. The 31 basis point spread on the Class B tranche represents a 3 basis point tightening relative to First USA's previous Class B issuance. 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 February 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 February 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. Merrill Lynch and Bear Stearns were co-managers for the offering. CONTACT: Press contact: Elizabeth Ross 212-648-9539 http://www.jpmorgan.com |
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