...On May 21, 2009, Chase Bank USA N.A. (Chase) sold $1 billion of class A notes issued from the Chase Issuance Trust not intended for the Federal Reserve Bank of New York's term asset- backed loan facility (TALF). Fitch assigned an `AAA' rating to the notes with a Stable outlook. This was the first public offering this year of class A bonds backed by credit card payments without the aid of TALF. The bank earlier sold $5.0 billion issuance on May 12 through TALF, which was also rated `AAA' by Fitch Ratings. Since then, Fitch has seen a slew of credit card transactions that have been issued directly to investors from big issuers such as Chase, Capital One Bank (USA) N.A., Chase, Citibank, N.A. (Citibank) and Bank of America, N.A., without the use of TALF loans. Since May 21, Fitch has rated $6.4 billion of non-TALF bonds out of a total of $11.65 billion in total public issuance. A complete list of all TALF-eligible and non-TALF bonds is listed on page 10. Discover Expects to Add Credit Enhancement...
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