Payment rates have remained stable, averaging 25% each year since 2011. As of the second quarter of 2016, users who pay down their balance each month generated 21.16% of the pool's receivables, in line with payment activity since 2012. The notes are backed entirely by receivables of cards issued by JPMorgan Chase, and deposited into subsidiary Chase Card Funding LLC. The new transaction was underwritten by J.P. Morgan Securities, Barclays and RBC Capital Markets. Moody's Investors Service did not issue any preliminary ratings, but announced the increased investor share of the collateral pool won't affect the ratings of any outstanding notes in the CHAIT series. CHAIT 2016-5 is expected to close on Aug. 11.