World Financial Network Credit Card Master Note Trust Series 2024-A
FINAL · CLOSED 2024-05-15
Series Notes
$684.9MM
Trust Balance
$5,420.9MM
Min Seller’s Interest
—
Senior Class Min Sub
12.3%
Sponsor: Comenity Bank ·
Servicer: Comenity Bank (the “bank”) ·
Trustee: U.S. Bank National Association
Capital Structure
Class
Size ($MM)
% of Notes
Total CE
CPN / Spread
WAL
Legal Final
S&P
Fitch
DBRS
Class A
500.0
87.7%
27.0%
5.47% fxd
—
—
AAA
AAA
AAA
Class B
25.7
4.5%
20.5%
—
—
—
—
—
—
Class M
44.5
7.8%
—
—
—
—
—
—
—
Transaction Parties
Sponsor
Comenity Bank
Servicer
Comenity Bank (the “bank”)
Depositor / Transferor
WFN Credit Company, LLC
Indenture Trustee
U.S. Bank National Association
Owner Trustee
Citicorp Trust Delaware, National Association
Asset Rep. Reviewer
FTI Consulting, Inc
Underwriters
J.P. Morgan Securities, RBC Capital Markets, Wells Fargo Securities, BNP Paribas Securities, BofA Securities, Scotia Capital
Issuer Track Record
Series
Closed
Size
MPR at close
Net CO at close
Excess Spread at close
World Financial Network Credit Card Master Note Trust, Series 2023-A
2023-05-16
$479.5MM
16.0%
5.26%
—
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
AmEx
2024-04-15
$500.0MM
—
7.0%
12.5%
24 mo
Linked
47.3%
1.38%
25.0%
Synchrony
2024-03-18
$500.0MM
—
5.0%
20.0%
36 mo
De-linked
21.8%
4.63%
17.6%
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%
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
Comenity (WFN) master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2024-05-15 — point-in-time view at the subject’s issuance. For current trust performance, see the live Credit Card ABS — Trust Performance page.