United Kingdom's Royal Bank of Scotland (RBS) made its debut into the U.S. credit-card sector with a $1.6 billion transaction, helping to push the U.S. asset- and mortgage-backed markets towards globalization.

The deal, dubbed Arran One - one that many U.S. investors were anxious to get a piece of - was backed by a pool of credit-card receivables from the U.K. that were swapped into U.S. dollars and structured as three-year and five-year soft bullets, a similar characteristic of U.S. credit card deals.

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