Credit Card Securitizations

The credit card securitization team at Alston & Bird is recognized for its experience, expertise, and creativity representing U.S. and international issuers, underwriters, investors, and lenders in public and private credit card receivables securitizations. Alston & Bird personnel have participated in the evolution of the de-linked issuance structure, created innovative bank partnership models, advised on major acquisitions and divestitures of credit card portfolios, structured mergers of credit card banks, and put together the first card-as-a-service program for a fintech issuer leveraging the bank partnership model.

 We are issuer’s counsel, deal counsel, or underwriter’s counsel for the establishment of credit card securitization programs for numerous banks and finance companies. We have advised clients on program agreements for co-branding and private-label arrangements, primarily between banks and retailers.

• Represented a preeminent global bank in S-3/SF-3 registrations exceeding $100 billion, a public note issuance of over $75 billion, and a $5 billion asset-backed commercial paper issuance for credit card securitizations.• Represented a major national retailer in over $2 billion in public and private credit card securitizations.
• Represented a major international financial institution in the global FDIC-facilitated acquisition of a bank during the Great Recession.
• Represented a global bank in the acquisition of a credit card program sold by a major specialty retailer.
• Represented a financial institution in its inaugural $245 million warehouse facility and $600 million upsize to finance near-prime credit card receivables, its inaugural $300 million term securitization, its inaugural card-as-a-service program, and the institution’s subsequent acquisition by a national bank holding company.
• Represented a major credit card program in its sale to an international bank holding company.
• Represented a insurance company on a potential future flow acquisition of credit card receivables from a specialty financial institution.