Wilmington, Dell., September 29, 2022 /PRNewswire/ — Continental Finance Company, LLC (“CFC”) announces the completion of its sixth credit card receivable securitization to date. This is also his third securitization by his subsidiary Continental Finance Credit Card ABS Master Trust. (“CFCCMT”).
The transaction was underwritten by Credit Suisse and JP Morgan. Proceeds from securitization are $210 million Used to repay the revolving credit facility of the CFC’s two variable funding notes.
CFC Chairman Tamer El-Rayess commented: In the past few years, in March 2020, the fixed income investor market began selling consumer risk-backed securities as it expected consumers to become nervous following a spike in unemployment. We observed very strong consumer behavior as people paid for their balances throughout the Covid-stimulated payment era, while using credit cards primarily for purchasing essentials such as groceries and other online purchases. We are very proud to market and serve such essentials so that consumers can buy and pay for their daily necessities online. CFC’s experience in two major economic events The 2020 economic crisis and pandemic have proven the importance of these products in helping consumers get through difficult times. ”
CFC President Steve Masorry “Not only are these credit card products essential for underserved consumers, but the performance of credit card portfolios during both financial crises demonstrates the resilience of these products in times of economic stress. Unlike prime credit products with large balances, CFC customers believe that credit card accounts are one of the most important financial tools they use to run their daily lives. view credit cards as a valuable means of payment, similar to extending credit. Countercyclical behavior is observed in times of stress, in contrast to the prime credit card market. Post-Covid stimulus As we end an era of traditional payments, the 2022-A deal is further evidence of not just investor demand for securities, but the demand for these products, as CFC recently ranked among the top 50 credit card issuers. We are very proud to announce that the amount in the U.S. according to The Nilson Report based on outstanding credit card balances.The funds provided by the 2022-A transaction will allow CFC to further assist its banking partners. Together, our partners will strengthen our strong offering of credit card products to underserved markets.”
About Continental Finance Company
Founded in 2005, Continental Finance Company is dedicated to being a credit card marketer and servicer close to the major markets. Its mission is simple but clear. The company aims to help its customers build both their credit and financial futures while providing a white-glove “customer-focused” treatment not available elsewhere. is measured by our economic success and strives for 100% customer satisfaction.
The company always puts its customers first, helping them bank better throughout the credit building process. Our goal is to establish trust, trust and value with our customers by providing them with an unparalleled experience as they rebuild their credit journey. The company aims to prove its worth and remain the credit card of choice among its customers, earning customer loyalty with the hope of remaining a lifelong credit card provider.
Source Continental Finance Company, LLC
