The Royal Bank of Scotland (RBS) last week launched the largest ever credit card securitization from a European originator. The $1.6 billion securitization issue, backed by Visa and MasterCard receivables, was co-managed by RBS and Salomon Smith Barney.

The transaction was split into two separate floating rate deals - Arran One Series 00-A and 00-B. The 00-A deal, worth $600 million, was split into three tranches with an expected maturity of three years. The $1 billion 00-B issue, also split into three tranches, has a longer maturity of five years.

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