Bank of America Corp., saddled with the worst credit card default rate among its biggest rivals, is shunning the asset-backed securities market it tapped for $13.7 billion last year.

JPMorgan Chase & Co., Citigroup Inc. and American Express Co. are among the issuers that sold $21 billion of card-backed debt this year through the Term Asset-Backed Securities Loan Facility, a Federal Reserve lending program to spur bond sales. B of A, the only major card issuer that did not sell any, lacks enough quality loans in its credit card trust to sell Talf bonds without being labeled a subprime issuer.

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