US interest extends as Barclays sizes credit card ABS return to meet demand

By Tom Porter
17 Jul 2014

Barclays decided to honour all investor orders for bonds in the return of its Gracechurch credit card ABS programme this week, meaning it has now priced the largest UK credit card trade so far in what has been a more promising year for supply from the country’s lenders.

Barclays opted to offer 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 on Wednesday afternoon.

Gracechurch’s return after a two year hiatus is the ...

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