The Royal Bank of Scotland plc and NatWest are marketing a $500 million credit card ABS under its Arran Cards Funding program.

The deal has been assigned a provisional rating by Moody's Investors Service of 'Aaa' for its single tranche offering.  It's the second issue to come from the Arran Cards Funding plc medium-term note program and are backed by credit card receivables from the Arran Cards Receivables Trust.

The transaction uses the newly set up receivables trust structure, which was established in July 2011. Under the structure,  the rated notes are sold to investors and the proceeds are then used to finance the issuer's purchase of a global loan note, Moody's analysts explained. The loan-note issuer then uses the cash to acquire an undivided beneficial interest in the Arran Cards Receivables Trust.

Also marketing this week in the U.K. is the new RMBS deal from Santander U.K. under its Holmes Master trust structure. The deal will offer three tranches of notes that have all been rated by Moody's. The class A1, floating rate notes due 2013 have been assigned a provisional rating of 'P-1' while the class A2 and A3 floating rate notes due 2054 have been assigned a provisional rating of 'Aaa'.  

The notes are backed by a pool of prime U.K. residential mortgages. This represents the 20th issue out of the Holmes master trust structure.  

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