Robinhood Eyes First Bond Sale Backed by Credit Card Bills

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โดย Bloomberg·Read original
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Robinhood Markets is gauging investor interest in its first-ever bond backed by bills for its branded consumer credit cards. The company is looking to sell at least $400 million of asset-backed securities in four parts, with initial price talk on the highest-rated portion at a premium of about 0.8 percentage point over the benchmark. The debt sale, which might reach $500 million, is being run by Wells Fargo and Barclays. The move comes as Robinhood expands further into the credit card business, having recently offered a $695 platinum card to challenge American Express, two years after launching its no-fee Gold Card. Firms have raised more than $11 billion from asset-backed securities to fund credit card operations this year, including a $3.85 billion sale by Capital One last week.

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Barclays is one of the banks running the bond sale.

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