Card Securitisation
August 9 – August 10, 2026 Updated Aug 10
Every published chapter of The Fold's coverage of Card Securitisation, in one place — oldest to newest, updated as the story develops.
Card payment rates just hit a 26-year high in American Express’s trust. The trusts stopped describing the card market years ago
AmEx’s securitisation trust reported a 52.29% monthly payment rate for June, 2.16 times its June 2009 level. The five largest card trusts have shrunk 71% since then while large banks’ card books grew 66%.
Capital One over-funded Discover’s last card bonds by $1.43bn. It has already taken $1.15bn back
The indenture clause authorising the deal was written into the documents the morning it closed. It says collateral must be "at least sufficient", and lets anything above that plus 2% return to the issuer.