In a growing sign that a market for asset-backed securities is taking off in Europe, Chase Manhattan Corp. has sold $550 million worth of 10-year bonds backed by credit card payments.

This is the second European issue by Chase, which in January sold a three-part, $750 million bond denominated in German marks, French francs, and Dutch guilders. Both issues are expected to trade in euros, the single European currency due to be introduced next year.

A Chase spokeswoman in New York said that around half the latest issue was sold to German investors seeking higher yields over equivalent 10-year German government bonds. The rest was placed across Europe with other investors, she said.

Compiled by James R. Kraus

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