NewDay Cards, one of the largest near-prime specialist credit-card issuers in the UK, is in the market with an as-yet unsized offering of GPB-denominated bonds backed by a portfolio of more than £1.16 billion (US$1.48 billion) in receivables.

DBRS assigned provisional ratings to NewDay Funding 2017-1, including a triple-A rating to the senior Class A note class, which is supported by 50% subordination of five other classes of notes. The exact size of the individual floating-rate tranches will be determined at the close of the transaction.

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