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.

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