U.K. bank Tesco Personal Finance Group plans its first securitization of U.K. Visa and MasterCard credit card receivables of the year, according to a Standard & Poor’s presale report.

S&P expects to assign 'AAA' ratings to two tranches of class A notes to be issued under the Delamare Cards MTN Issue Series 2014-1. The Class A1 notes rated have a scheduled redemption date of May 19, 2017 and are due May 19, 2019; and the Class A2 notes have a scheduled redemption date on May 19, 2019 and are due May 19, 2021. The size of the traches have yet to be determined, accoring to the presale report.

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