Chase Floats a $2 Billion Issue Backed by Fixed-Rate Card Loans

Chase Manhattan Corp. has come to market with $2 billion of securities backed by fixed-rate credit card loans. The issue was priced in two parts and was led by Chase Securities Inc.

The first part was a $1 billion class of certificates with a three-year average life. It was priced to yield 6.831%, or 28 basis points over comparable Treasury securities.

The other certficiates have a five-year average life. The $1 billion issue was priced to yield 7.147% or 37 basis points above comparable Treasuries.

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