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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