Alliance No.1 headlined last week's European market activity with a GBP100 million trade-receivables transaction that topped yet another point for U.K. innovation. It's the first sterling-denominated structure of this kind.

Alliance will be a special-purpose, bankruptcy-remote liability, public company that funds the purchase of receivables originated by UniChem Ltd and E Moss Ltd. Both the class A1 and A2 tranches were rated triple-A by Fitch and Standard and Poor's. The class B notes were assigned a single-A by both rating agencies.

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