부산대학교 도서관

Retailers and private label card issuers have increased issuance of asset-backed security (ABS) transactions in 2000 as corporate bond spreads in many retail names widened considerably in the second half. As a result, supply of retail and private label credit card ABS in 2000 got a boost and increased substantially to total $4.7 billion, a 102 1241328ncrease over the $2.3 billion issued in 1999. Issuance also got a boost from the refinancing of deals that matured this year. Spiegel Inc. issued $600 million five-year, floating-rate deal out of Spiegel Master Trust (SPMT). Neiman Marcus Group Inc, a high-end specialty retailer, also re-entered the market in July with a $300 million,five-year floater issued from NMMT, which refinanced $300 million from Series 1995-1, which matured this year. Portfolio performance of private label and retail card portfolios displayed improvement in the year 2000. The portfolio yield for retail card issuers is generally higher than bankcard issuers because of the higher finance chargerates and annual and nuisance fees.