Wells Fargo Securities, Barclays Capital, J.P. Morgan Securities
Issuer Track Record
Series
Closed
Size
MPR at close
Net CO at close
Excess Spread at close
Synchrony Card Issuance Trust
2023-11-15
$500.0MM
23.5%
4.62%
17.9%
Synchrony Card Issuance Trust
2023-08-09
$500.0MM
23.7%
3.88%
18.4%
Synchrony Card Issuance Trust
2022-07-15
$500.0MM
25.9%
2.42%
13.8%
Synchrony Card Issuance Trust
2022-04-18
$500.0MM
24.9%
2.36%
14.5%
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
Wells Fargo
2024-03-01
$1,250.0MM
4.94% fxd
5.0%
20.0%
24 mo
De-linked
—
—
—
Chase
2024-01-31
$500.0MM
—
5.0%
14.0%
24 mo
De-linked
48.2%
1.72%
15.0%
BofA
2023-12-14
$1,500.0MM
4.98% fxd
4.0%
29.5%
24 mo
De-linked
25.5%
2.24%
13.4%
Citi
2023-12-11
$750.0MM
5.23% fxd
—
11.9%
24 mo
De-linked
36.5%
2.21%
12.7%
Barclays
2023-11-20
$750.0MM
+90 bps SOFR
6.0%
18.0%
34 mo
De-linked
34.4%
3.05%
22.4%
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
Synchrony master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2024-03-18 — point-in-time view at the subject’s issuance. For current trust performance, see the live Credit Card ABS — Trust Performance page.