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Presale: Swiss Credit Card Issuance 2021-1 AG

We consider the assets to be of very high credit quality, with losses that are remarkably low compared with those exhibited by U.K. credit card master trusts. There is a comparatively high proportion of convenience users who fully pay off their monthly balance (transactors) in the securitized portfolio, which results in a high payment rate. The accounts are well-seasoned, with 47% of the accounts outstanding for over 10 years. This contributes to lower default probability. Swisscard is the market leader in Switzerland by issuance volume, and benefits from American Express' credit card management expertise and Credit Suisse Group's distribution channels.