Fixed Income Investors

Credit Card Securitization: Overview


Citibank's inaugural credit card securitization dates from November 1988. Since then, Citibank has distinguished itself in the credit card securitization market by its innovativeness. Citibank was the first bank credit card ABS issuer to apply many now-familiar and standard structural features: bullet principal repayment, credit enhancement via Class B subordinated securities, single-seller commercial paper (CP) program, non-USD denominated securities issuance, and de-linked subordinated securities.

Citibank has consistently applied securitization to fund a portion of its credit card portfolio. The securitization market has been reliable across market cycles, and has provided liquidity out to 30 years. Currently, securitization funds about 50% of Citibank's U.S. credit card business. The proportion of funding raised through securitization may vary due to changes in business strategy.

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