What could have been a quiet holiday week for the Canadian asset-backed market, actually turned into a watershed event, as The Royal Bank of Canada's three-part Golden Credit Card Trust securitization has brought changes that promise to alter the face of the Canadian credit market.

Despite the Thursday Canada Day holiday and Friday's official half-day status, it was a hectic week north of the border. Royal Bank's $1 billion credit card deal, was already slated to be one of the largest credit card securitizations ever for the Canadian market, let alone the first publically offered asset-backed deal since the Eaton's Department Store transaction in 1995. (Eaton had to liquidate soon after the bonds were offered.)

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