JPMorgan Chase & Co. sold $410 million of bonds backed by credit card payments Friday, according to a person familiar with the transaction.

The debt was not sold through the Federal Reserve's Term Asset-Backed Securities Loan Facility, the person said.

The top-ranked debt due in less than a year priced to yield at 40 basis points over the one-month London interbank offered rate, said the person, who declined to be identified because terms are not public.

The $2 trillion-asset banking company has issued more than $15 billion of credit card-backed securities this year, both inside and outside Talf.

But JPMorgan Chase's chief executive, James Dimon, has said it is unlikely that his company will securitize credit card receivables in the future because other sources of funding available to it will probably be cheaper. "We have a lot of liquidity and funding capability," he said during a conference call in July.

New accounting rules that effectively eliminate off-balance-sheet treatment will go into effect next year, undermining some of the rationale for securitization by requiring more capital and loss reserves at issuers.

Talf broke a six-month freeze in issuance of credit card-backed securities that began last September. The program's support for consumer asset-backed bonds is set to expire at the end of March, though the Fed and the Treasury Department have said they would consider further extensions.

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