Bank of New York Plans an Issue Backed by Card Receivables
A registration statement to issue securities backed by MasterCard and Visa receivables was filed by Bank of New York Co.
No date was set for the offering, and the size of the deal is not yet fixed.
First Boston Corp., Merrill Lynch & Co., and Dean Witter Reynolds Inc. will underwrite the offering.
An issue of $150 million in securities backed by home equity loans was priced by Advanta Corp. Wednesday for its subsidiaries, Colonial National Bank USA and Advanta Mortgage Corp. USA.
The senior tranche of the deal was priced with a coupon of 7.55%, and the subordinated tranche was priced with a 9.05% coupon.