A leading non-life insurance premium financing (IPF) provider based in the U.K. is preparing to securitize nsaction backed by a pool of £1 billion (US$1.29 billion) in payment-plan receivables.

PCL Funding II will issue a yet-to-be amount of bonds that will be backed by receivables from the managed portfolio of receivables serviced by Premium Credit Ltd., a one-time subsidiary of  HSBC that now has a 50% share of the U.K. insurance premium finance market.

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