Lloyds and BNP Paribas have announced new ABS issues for their internal clients, preparing issues backed by UK credit cards and Italian auto loans. BNPP's deal is a debut for Findomestic, the Italian subsidiary of BNP Paribas Personal Finance, and will be a full capital stack issue.
Lloyds announced Penarth 2019-1 STS UK credit card ABS, a deal qualifying for 'simple transparent and standardised' status.
The deal includes three triple-A tranches, a senior dollar tranche linked to dollar with a coupon over one-month Libor and two sterling tranches referencing Sonia.
The dollar tranche has