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Barclaycard Securitization Triggers Interest in U.K. Credit Card Securitizations Nov 99
Standard & Poors, Nov 1999
Abstract
The sale of Gracechurch Card Funding (No.1) PLC's US$1 billion credit card-backed deal has triggered a wave of U.K. interest in this type of financing , according to Karen Naylor, a director of Standard & Poor's Structured Finance Ratings group, London. 'Given the increase in credit card usage, we would expect other credit card issuers to look at this form of funding, and some interest has already been expressed,' she said. The issuance by Barclays Bank PLC, through its business unit, Barclaycard is the first securitization of credit and charge cards by a U.K. clearing bank and ranks as the largest European credit card-backed securitizations, Barclays Bank said. The move by Barclays Bank into credit card securitizations demonstrates the flexibility...
Companies mentioned in this report are: Barclays Bank PLC,United Kingdom (Unsolicited Ratings),HFC Bank Ltd.,FIA Card Services N.A.,Barclays Capital Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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