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Synchrony Card Funding, LLC·8-K

Mar 17, 4:24 PM ET

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Synchrony Card Funding, LLC 8-K

Research Summary

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Updated

Synchrony Card Funding Enters Underwriting Agreement for Class A(2026-1) Notes

What Happened

  • On March 13, 2026, Synchrony Card Funding, LLC and Synchrony Bank entered into an Underwriting Agreement with Barclays Capital Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC for the proposed issuance of Class A(2026-1) notes to be issued by Synchrony Card Issuance Trust under the Trust’s Amended and Restated Master Indenture. The Bank of New York Mellon is the indenture trustee.
  • The Trust and the indenture trustee intend to enter into the Class A(2026-1) Terms Document on or about March 20, 2026, and the Trust, Funding and Synchrony Bank intend to enter into a Risk Retention Agreement on or about March 20, 2026. The filing includes a depositor certification (Form SF-3 paragraph I.B.1(a)) by Funding’s CEO and legal and tax opinions from Mayer Brown LLP.

Key Details

  • Underwriting Agreement executed: March 13, 2026, among Funding, Synchrony Bank, Barclays Capital Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC (Exhibit 1.1).
  • Terms Document and Risk Retention Agreement: unexecuted forms filed and expected to be entered on or about March 20, 2026 (Exhibits 4.1 and 4.2).
  • Compliance and legal filings: depositor certification dated March 13, 2026 filed as Exhibit 36.1; legal and federal tax opinions from Mayer Brown LLP filed as Exhibits 5.1 and 8.1.
  • The notes will be issued by Synchrony Card Issuance Trust under the Trust’s existing indenture and SynchronySeries indenture supplement.

Why It Matters

  • The 8-K documents a planned securitization financing: an underwriting agreement, term documentation, and a risk-retention agreement are steps required to issue asset-backed Class A notes.
  • The filing does not disclose offering size, pricing or other economic terms; it confirms parties, timing and required certifications/opinions for the planned issuance.
  • For investors, this is a funding transaction related to Synchrony’s card receivables structure (not an earnings or management change), and it reflects routine capital-markets activity to support credit-card securitizations.