Lloyds Bank will offer a two-year, $750 million tranche in Penarth 2013-1, the first U.K. credit card ABS deal of the year, according to presale reports.

Standard & Poor's  and Moody's Investors Service  assigned preliminary 'AAA '/ ‘Aaa’ credit ratings to Penarth Master Issuer PLC's class A1 notes and the £1.3 billion class A2 notes.

The deal is backed by credit card receivables from Bank of Scotland and Lloyds Bank originated U.K. MasterCard, Visa and American Express revolving credit-card accounts.

According to S&P, Penarth uses a de-linked issuance platform that allows for the issuance of different classes of rated notes at different intervals, as long as there is sufficient credit enhancement to maintain the ratings on the outstanding notes.

This will be the tenth issuance from the trust, which currently has 10 classes of outstanding notes. As of July 31, 2013, the trust's total size was £7.03 billion.



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