By Cristal Cody
Prospect News, Jan. 17 - Master Credit Card Trust priced C$1 billion 2.626% five-year asset-backed notes at par on Tuesday, a bond source said.
The series 2012-1 class A credit card receivables-backed notes due Jan. 21, 2017 (DBRS: AAA) came at a spread of 137.3 basis points over the Government of Canada benchmark, or 132 bps over the curve.
BMO Nesbitt Burns Inc. was the bookrunner.
The notes are backed by credit card receivables originated by the Bank of Montreal.
Proceeds will be used to purchase receivables arising in accounts from MasterCard credit card products originated and managed by BMO.
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$1 billion
|
| Maturity: | Jan. 21, 2017
|
| Securities: | Credit card receivables-backed notes
|
| Bookrunner: | BMO Nesbitt Burns Inc.
|
| Coupon: | 2.626%
|
| Price: | Par
|
| Yield: | 2.626%
|
| Spread: | 137.3 bps over Government of Canada benchmark
|
| Pricing date: | Jan. 17
|
| Rating: | DBRS: AAA
|
| Distribution: | Canada
|
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