The European primary pipeline saw the addition of a new $500 million U.K. credit card deal via the Penarth Master Issuer Plc's medium-term note program.

The card securitization received a provisional rating of 'Aaa' from Moody's Investors Service. It is the eighth issuance under Penarth's medium-term note program and is backed by credit-card receivables from the Penarth receivables trust.

The assets comprise receivables arising under designated MasterCard, Visa and American Express revolving credit-card accounts that Bank of Scotland  and Lloyds TSB Bank have originated or acquired in the U.K. under Halifax, Bank of Scotland and Lloyds brands.

According to a Moody's presale report, the deal involves a two-step debt issuance process that will first require the proceeds of the rated notes to be sold to investors to finance the issuer's purchase of a global loan note.

The loan-note issuer will then use the cash to acquire an undivided beneficial interest in the Penarth receivables trust.

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