Lloyds TSB and Bank of Scotland are marketing a GBP615 Million ($1bn) credit card securitization deal dubbed Penarth Master Issuer Plc (2011-1 A1 and A2).

The transaction securitizes credit-card receivables from the Penarth receivables trust. The assets comprise receivables arising under designated MasterCard, Visa and American Express revolving credit-card accounts that Bank of Scotland plc and Lloyds TSB Bank plc have originated in the U.K. under Halifax, Bank of Scotland and Lloyds brands.

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