First National Master Note Trust Class A Series 2025-1
FINAL · CLOSED 2025-02-19
Series Notes
$512.8MM
Trust Balance
$2,723.5MM
Min Seller’s Interest
7.0%
Senior Class Min Sub
22.0%
Sponsor: First National Bank of Omaha ·
Servicer: First National Bank of Omaha ·
Trustee: U.S. Bank Trust Company, National Association
Capital Structure
Class
Size ($MM)
% of Notes
Total CE
CPN / Spread
WAL
Legal Final
Fitch
Class A
400.0
78.0%
22.0%
4.85% fxd
—
2030-02-15
AAA
Class B
53.8
10.5%
11.5%
—
—
—
—
Class C
59.0
11.5%
0.0%
—
—
—
—
Transaction Parties
Sponsor
First National Bank of Omaha
Servicer
First National Bank of Omaha
Depositor / Transferor
First National Bank of Omaha
Indenture Trustee
U.S. Bank Trust Company, National Association
Owner Trustee
Wilmington Trust Company
Asset Rep. Reviewer
FTI Consulting, Inc
Underwriters
Wells Fargo Securities, RBC Capital Markets, J.P. Morgan Securities
Issuer Track Record
Series
Closed
Size
MPR at close
Net CO at close
Excess Spread at close
First National Master Note Trust Class A Series 2024-1
2024-05-29
$512.8MM
31.8%
—
14.2%
First National Master Note Trust Series 2023-2 Asset Backed Notes
2023-09-22
$641.0MM
27.5%
—
10.8%
First National Master Note Trust Series 2023-1 Asset Backed Notes
2023-04-27
$448.7MM
25.3%
—
12.9%
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
Synchrony
2025-02-18
$500.0MM
—
5.0%
20.0%
36 mo
De-linked
23.8%
4.81%
15.6%
AmEx
2025-02-15
$500.0MM
—
7.0%
12.5%
24 mo
Linked
49.2%
1.53%
24.9%
Wells Fargo
2024-10-24
$1,000.0MM
4.29% fxd
5.0%
20.0%
24 mo
De-linked
36.8%
1.90%
48.4%
Cap One
2024-09-24
$1,000.0MM
3.92% fxd
5.0%
21.0%
24 mo
De-linked
46.5%
2.88%
—
Comenity (WFN)
2024-08-13
$500.0MM
4.62% fxd
—
27.0%
—
De-linked
15.1%
7.66%
19.7%
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
First Nat'l (Omaha) master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2025-02-19 — point-in-time view at the subject’s issuance. For current trust performance, see the live Credit Card ABS — Trust Performance page.