The first Canadian public credit card securitization in several years has come to market, shining the light on an area of that market which has begun to grow.

The Royal Bank of Canada deal - named Golden Credit Card Trust - features a three-tranche structure with three-, five- and 10-year maturities. The deal could wind up topping out at C$1 billion ($715 million), and has minimums set at C$250 million ($179 million) for the three- and five-year pieces, and C$150 million ($107 million) for the 10-year piece.

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