Colonial National Bank USA issued $500 million of credit card securities, priced by a group led by First Boston Co. The issue includes $250 million of fixed-rate certificates and the same amount at a floating rate.
The fixed-rate certificates will pay 5.95% interest and were priced 58 basis points above five-year Treasuries. The floating-rate certificates will have a coupon of 37.5 basis points over the London interbank offered rate. Colonial National is a unit of Advanta Corp.