Citicorp's main banking unit has launched a $665 million offering of 10-year floating-rate credit card asset-backed securities, according to an official at underwriter Merrill Lynch & Co.

The issue was divided into two parts: $625 million of senior notes launched at an indicative spread of 13 basis points over the three-month London interbank offered rate and $40 million of subordinate notes launched at 33 basis points over three-month Libor.

Merrill was lead underwriter for the senior notes, and Citicorp's securities units underwrote the subordinated notes.

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