In another instance of the asset-backed securities market inching toward globalization, United Kingdom-based Barclaycard will answer the recent U.S. foray into the U.K. by launching a $1 billion, U.S.-registered, dollar-denominated transaction backed by credit-card loans originated overseas - a first.

Evidence of the globalization effort began in September when General Motors Acceptance Corp. floated a $1 billion, Euro-denominated auto dealer floor-plan deal to European investors, followed by Puerto Rico-based Banco Popular issuing a dollar-denominated $195 million home-equity deal to an international audience.

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