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NEW YORK, May 5 (Reuters) – Bank of America Credit Card Trust priced an expanded $900 million offering of credit card securities in the U.S. asset-backed market on Wednesday amid solid reception from investors, market sources said.
The single-tranche credit card deal dubbed “BACCT 2010-A1,” was initially marketed at a size of $750 million. Its AAA-rated 2.92-year notes were launched at a spread of 30 basis points over one-month Libor, market sources said.
“There was a lot of interest in the sale. The deal was increased in size by $150 million to accommodate orders from investors,” said one ABS portfolio manager.
Bank of America Merrill Lynch, lead underwriter for the sale, was marketing the deal to investors along with co-managers Credit Suisse, Barclays Capital, Deutsche Bank Securities and JPMorgan Securities this week.
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