FALLS CHURCH, Va. - Capital One Bank announced it has priced a $750 million issue of floating rate asset-backed securities from its Capital One Master Trust.
The series consists of a senior class of securities, $600 million in Class A certificates, and two subordinated classes, $97.5 million in class B certificates, and a $52.5 million collateral indebtedness interest.
The uncapped floating rate Class A, priced at par, will accrue interest at 28 basis points over the federal funds rate. The Class A certificates have an initial maturity date of one year, which may be extended to approximately 2.4 years at the issuer's option.
The transaction is scheduled to close Dec. 15. The deal is lead by Lehman Brothers and co-managed by J.P. Morgan Securities Inc. and Salomon Brothers Inc.