Barclays Preps First U.S. Credit Card Master Trust
Barclays Capital yesterday filed an investor prospectus on its first SEC registered, Reg AB compliant, U.S. credit card receivable platform called Dryrock Issuance Trust. The bank said it plans to come to market one to two times a year.
The initial deal will join the growing number of issuers looking to tap U.S. investor appetite for credit card ABS paper.
Barclays' Dryrock credit card trust will complement the bank's existing 144A compliant, U.K. securitization program, Gracechurch Cards. The trust will only issue triple-A rated notes, backed by U.S. domiciled credit card receivables. The initial deal, according to the prospectus will be rated by Moody's Investors Service and Standard & Poor's.