Citibank's $1.33 billion global floating-rate offering yesterday marks "the first real significant floater in the credit card securitization market," a source unaffiliated with the offering said.

While he knew of only a handful of other public credit card deals that have been done as floaters, the source said they have all been significantly smaller and priced off the one-month London interbank offered rate.

~If you're looking for something that will match three-month Libor liabilities, then there isn't a lot like it out there," the source said.

The other deals were done by Colonial National Bank USA, he said. Debbie Dove, a Colonial vice president, said the bank has done five such public deals.

A Citibank spokeswoman said the deal was indeed a first for the bank, adding that its size is significant because the entire market of such credit card floaters totals about $1.7 billion. "It's really a benchmark for the sector," she said.

An official at Goldman, Sachs & Co., which lead-managed the offering, said it was entirely sold upon pricing. Slightly more than a third went to Europe and elsewhere outside the United States, he said.

"One thing that's distinctive about it is its size," the Goldman official said, adding that the offering's large size makes for better secondary market liquidity. "The second thing is, it looks a lot like a corporate floater. "It's uncapped and it pays quarterly Libor on an actual over 360 basis. [It] also is expected to return principal in a lump sum at expected maturity."

The transaction is backed by variable-rate MasterCard and Visa credit card receivables, the Citibank spokeswoman said. Called Standard Credit Card Master Trust 1992-3, the issue was offered in two classes.

The $1.25 billion in 3.675% class-A senior certificates float at 0.30 basis points over the three-month Libor. They were priced, at 99.865 to yield 0.33 percentage points over Libor. Settlement is Sept. 30.

The $80 million of 4% class B subordinated certificates float at 62.5 basis points over three-month Libor. They were priced at par to yield 62.5 basis points over three-month Libor.

Both certificates are five-year soft bullets and have no interest rate cap. All four rating agencies are expected to assign triple-A ratings to the senior certificates, while the subordinate certificates are expected to receive A2 and A ratings.

In addition to the subordinate class, a 7% account funded in part by Citibank and in part by a letter of credit from State Street Bank & Trust Co. support the transaction.

Citicorp Securities Inc. was senior co-lead manager on the senior piece. UBS Securities Inc. was the subordinated pieces senior co-leader.

Also yesterday, a Federated Department Stores Inc. unit plans to offer up to $1.5 billion of receivables-backed debt in various series, the company said yesterday.

"This is a pretty solid indication of the company's financial health," said Carol Sanger, a Federated spokeswoman. Federated emerged from bankruptcy on Feb. 5.

The Ohio-based company's credit card affillate has filed with the Securities and Exchange Commission to form a master trust that would issue the (debt, a company release says.

While the total amount of securities to be initially offered remains undetermined, up to $1.5 billion can be issued under the facility. About $1 billion of that debt is expected to mature between five and seven years after issuance. Federated will issue the remainder as short-term debt, the release says.

First Boston Corp. has been named lead manager for the facility, with Goldman Sachs and Salomon Brothers Inc. as co-managers, Ms. Sanger said.

In secondary trading, high-grade corporate bond prices ended a quiet session up 1/4 point. High-yield bonds ended 1/8 to 1/4 point higher.

"Basically, the stock market and the Treasury market went up and we just followed suit," a high-yield trader said.

New Issues

Central Power & Light issued a two-part first mortgage bond offering totaling $300 million. The first tranche consisted of $200 million of 6% bonds due 1997. The noncallable bonds were priced at 99.468 to yield 6.125%, or 62.5 basis points over comparable Treasuries.

The second piece consisted of $100 million of 7.250% first mortgage bonds due 2004. The noncallable bonds were priced at 99.541 to yield 7.308%, or 80 basis points over comparable Treasuries. Merrill Lynch & Co. managed the offering. Moody's Investors Service rates the offering A2, while Standard & Poor's Corp. rates it A.

English China Clays issued $250 million of 7.375% guaranteed notes due 2002 at par. The noncallable notes were priced to yield 90 basis points over comparable Treasuries. Moody's rates the offering A2, while Standard & Poor's rates it A-plus. Merrill Lynch lead managed the offering.

Federal Home Loan Mortgage Corp. issued $200 million of 4.530% debentures due 1995 at par. Noncallable for a year, the debentures were priced to yield 10 basis points over comparable Treasuries. Morgan Stanley & Co. managed the offering.

Federal Home Loan Banks issued $68 million of 4.5% debentures due 1995 at par. Noncallable for a year, the bonds were priced to yield 10 basis points over comparable Treasuries. Morgan Stanley managed the offering.

Baxter International issued $150 million of 5% notes due 1995 at par.

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