JPMorgan, Citi, AmEx tap TALF, while BofA shuns market

JPMorgan Chase, Citigroup, American Express and other issuers have sold billions of dollars in debt backed by credit cards this year through the Federal Reserve's Term Asset-Backed Securities Loan Facility. 

Bank of America, which tapped the asset-backed securities market for $13.7 billion last year, has shunned it this year. "I don't doubt that Bank of America would like to re-engage that market," said Michael Nix of Greenwood Capital Associates. "The credit card securitization market is starting to thaw, but there still isn't a lot of demand, so the cost of issuance may be higher than the bank thinks is worthwhile."

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