European credit cards are evolving into a sizable, homogenous asset class, although, compared to the U.S. counterpart, it still remains relatively untapped. While originators over the last couple of years have made significant headway in the U.K. securitization market, the same hasn't really been a trend in continental Europe.

"Credit cards and the use of consumer debt has grown generally in Europe," said Kevin Ingram at Clifford Chance. "However, credit card ABS has been less utilized on the continent where you typically won't see huge deals, as the use of credit cards is less extensive. There have been maybe one or two deals from France and that's about it."

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