Citibank Credit Card Issuance Trust, Class 2023-A1 Notes of December 2025
2023-12-11
$750.0MM
36.5%
2.21%
12.7%
Citibank Credit Card Issuance Trust, Class 2023-A2 Notes of December 2025
2023-12-11
$750.0MM
36.5%
2.21%
12.7%
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
BofA
2025-06-12
$1,000.0MM
4.31% fxd
4.0%
29.5%
24 mo
De-linked
28.2%
2.44%
13.0%
Wells Fargo
2025-06-10
$1,500.0MM
4.34% fxd
5.0%
20.0%
24 mo
De-linked
38.6%
3.09%
33.3%
Synchrony
2025-06-09
$500.0MM
4.49% fxd
5.0%
20.0%
36 mo
De-linked
23.3%
4.85%
15.3%
AmEx
2025-05-15
$250.0MM
4.51% fxd
7.0%
12.5%
24 mo
Linked
50.6%
1.27%
25.8%
First Nat'l (Omaha)
2025-02-19
$512.8MM
4.85% fxd
7.0%
22.0%
24 mo
De-linked
33.7%
4.16%
12.1%
Trust Subordination Comps
How to read this for de-linked trusts. Most credit card master trusts are de-linked, meaning Class A, B and C don’t need to be co-issued — they may have been issued in different series across multiple years, or held by the seller as required retained tranches. The figures below are the required minimum subordination the indenture mandates remain outstanding to support each class’s rating, NOT the cap stack of the subject series’ new issuance.
Trust
Structure
Class A
Class B
Class C
Retained First-Loss
Min Seller
Size
CE
Size
CE
Size
CE
Size
Indenture Name
AmEx
Linked
87.50%
12.50%
3.75%
8.75%
—
—
8.75%
Collateral Interest
7.0%
Barclays
De-linked
82.00%
18.00%
18.00%
0.00%
—
—
—
none
6.0%
BofA
De-linked
70.48%
29.52%
10.07%
19.45%
8.95%
10.50%
10.50%
Class D Req’d Investor Interest
4.0%
Cap One
De-linked
79.01%
20.99%
9.00%
11.99%
8.99%
3.00%
—
none
5.0%
Chase
De-linked
86.00%
14.00%
7.00%
7.00%
7.00%
0.00%
—
none
5.0%
Citi
De-linked
88.10%
11.90%
5.27%
6.63%
6.63%
0.00%
—
none
—
Comenity (WFN)
De-linked
73.00%
27.00%
6.50%
20.50%
3.75%
16.75%
16.75%
Required Excess Collateral
—
First Nat'l (Omaha)
De-linked
78.00%
22.00%
10.50%
11.50%
11.50%
0.00%
—
none
7.0%
Synchrony
De-linked
80.00%
20.00%
6.00%
14.00%
9.00%
5.00%
—
none
5.0%
Wells Fargo
De-linked
80.00%
20.00%
10.00%
10.00%
6.50%
3.50%
—
none
5.0%
Size and CE both expressed as % of total invested amount. CE for each class equals the cumulative subordination + retained first-loss positioned below it. Class B / C reflect seniority position, so for trusts with non-standard naming (WFN A / M / B), the row maps the position to the column header. The Retained First-Loss column captures the unrated piece each trust requires the seller to hold — its indenture name varies and is shown alongside the size.
Trust Performance Comps
Citi master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2025-06-26 — point-in-time view at the subject’s issuance. Charge-offs are net of recoveries where the trust reports a net rate (First National reports a gross rate only). For current trust performance, see the live Credit Card ABS — Trust Performance page.