Barclaycard, a subsidiary of Barclays Bank PLC and the largest U.K. issuer of credit cards, sold $1 billion of card-backed bonds Friday, becoming the first foreign bank to sell such bonds in the U.S.

The three-part sale is backed by British-pound-denominated credit card balances, approximately 37% of which come from London consumers, according to the prospectus for the sale.

The U.K. credit card market is the largest in Europe, with an estimated 41% of the British adult population of 45 million holding at least one credit card, according to the prospectus.

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