Credit Card Securitization

Contact(s)

Cadwalader has an outstanding track record for advising on market firsts in credit card securitization. In 1987, our attorneys assisted clients in the creation of the first public credit card transaction. Since then, our attorneys have worked on many new and innovative transactions, including Taiwan’s first cross-border securitization and the first public issuance of notes backed by credit card receivables in Switzerland.

Our roots in credit card securitization provide our practitioners with an in-depth understanding of the fundamental building blocks that form the basis of these complex transactions. We act as counsel to investors and underwriters in connection with a broad range of credit card securitizations established by many of the major issuers.

  • Advised the originators in connection with structuring the first securitisation programme backed by a portfolio of Swiss credit card receivables, Swiss Credit Card Issuance No. 1 (2012-1)
  • Advised an asset-backed commercial paper conduit and its sponsor in respect of its purchase of a series of notes issued by Carlisle Castle Funding Group Limited backed by a portfolio comprising credit card receivables originated by Capital One Bank (Europe)
  • Advised a leading European bank in connection with its purchase at issue of a series of notes from Penarth Master Issuer Plc and backed by credit card receivables originated or acquired in the United Kingdom by HBOS and Lloyds TSB Bank PLC
  • Advised an asset-backed commercial paper conduit purchaser in connection with an issuance under the Arran Cards Funding programme backed by UK credit card receivables originated by The Royal Bank of Scotland plc
  • Advised a leading bank and its commercial paper conduit on the purchase of notes issued by Gracechurch Card Funding Programme PLC backed by consumer credit and charge card collections owned by Barclays Bank PLC (acting through its business division Barclaycard)
  • Advised asset-backed commercial paper conduits sponsored by Credit Suisse First Boston and Bank of America in connection with the securitisation of present and future credit card receivables originated by Egg Banking plc.
  • Advised Morgan Stanley & Co., Inc. as underwriter in connection with multiple issuances from the Discover Card Master Trust I and Discover Card Trust I
  • Advised Standard & Poor’s on the issuance by G&M Finance Limited of US$230,000,000 Secured Floating Rate Notes due 2010 originated by Cosmos Bank on a revolving pool of credit card receivables in Taiwan
  • Advised Fitch Ratings on the issuance by Shinhan Card 2003-1 Securitization Specialty Co., Ltd. of a €300,000,000 Secured Floating Rate Bond due 2009 originated by Shinhan Card Co., Ltd. on a revolving pool of credit card receivables in Korea
  • Advised Fitch Ratings on the issuance by Plus One Limited of US$500,000,000 Secured Floating Rate Notes due 2009 originated by Kookmin Credit Card Co., Ltd. on a revolving pool of credit card receivables in Korea
  • Advised an international bank in connection with its derivative positions on a number of credit card master trust transactions
  • Advised Chase Securities and Morgan Stanley as underwriters in respect of issuances from the Dillard Credit Card Master Trust
  • Advised a commercial paper conduit in connection with the purchase of securities by from First Financial Bank of South Dakota Trust
  • Advised HFC Bank PLC on its Affinity 001 PLC £400,000,000 credit card securitisation.

5 Attorneys

Bell, Suzanne Special Counsel London
T. +44 (0) 20 7170 8549
Day, Stephen Partner London
T. +44 (0) 20 7170 8535
Miller, Jed Special Counsel New York
T. +1 212 504 6821
Schetman, Richard M. Partner New York
T. +1 212 504 6906
Wagner, Jeremiah M. Partner London
T. +44 (0) 20 7170 8542

Contact(s)

Stephen Day
+44 (0) 20 7170 8535 
stephen.day@cwt.com
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