US interest continues as Barclays sizes Gracechurch to demand

By Tom Porter
17 Jul 2014

Barclays decided to accept all investor orders for bonds in the return of its Gracechurch credit card ABS programme this week, pricing the largest UK credit card trade so far in what has been a more promising year for supply.

Barclays offered just one senior five year tranche with 15% credit enhancement to investors, sizing the deal at £750m to meet demand and pricing the triple-A rated bonds at 50bp over one month Libor.

Gracechurch’s return after a two year hiatus is the third UK credit card ABS ...

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