Lloyds powers up £3.35bn credit card trust to create collateral

By Tom Brown
18 Mar 2021

Lloyds has closed one of the largest credit card securitizations to date, setting up the Wilmington Master Trust and retaining £3.35bn of prime UK credit card receivables originating from MBNA, whose UK arm it acquired from Bank of America in 2016.

Credit card ABS were set to be one of the most heavily impacted asset classes going into the Covid-19 pandemic, and by November 2020, cracks had started to show.

This was thought to be a delayed reaction from the first few months of lockdown, putting a strain on ...

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