In a move that securitization pros universally welcomed as further confirmation that securitization in the U.K. has come of age, Barclays Bank recently confirmed that it is to issue a GBP1 billion ($1.08 billion) deal backed by its Barclaycard credit card portfolio.

The deal, to be lead managed by Barclays Capital, will be the first time that a major U.K. high street bank has securitized credit cards and easily the largest credit card-backed deal from any European country.

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