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.

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