HSBC  Holdings PLC is planning to sell GBP348 million ($500mn) of bonds backed by U.K. credit card receivables from its Turquoise Credit Card program, according to a Moody's Investor Service presale report.

Moody's has assigned the deal, Series 2011-1, a provisional ratings of 'Aaa' for the Class A floating rate notes and an 'A1' rating for the Class B floating rate notes. Both are structured with a weighted average life of 2.9 years.

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