KBRA UK has assigned preliminary ratings to five classes of notes to be issued under the Oban master trust structure, a UK credit card ABS programme.
The programme is backed by receivables originated and serviced by Vanquis Bank Limited, a UK specialist bank active in consumer lending.
The issuance relates to Series 2026-1, which will be issued by Oban Cards 2026-1 plc, a newly established vehicle within the trust structure.
Credit enhancement for the rated notes consists primarily of subordination of junior note classes, excess spread generated by the receivables, and a liquidity reserve.
The transaction also includes a minimum transferor interest of 0.75%, which provides structural protection against dilution risk within the programme.
Vanquis Bank’s products include credit cards, vehicle finance and second charge mortgages, together with retail deposit products aimed at UK consumers.
Credit cards remain the bank’s largest Business line by receivables balance, with gross customer interest-earning balances of approximately £1.5 billion as of year-end 2025.
The Series includes a revolving period of up to three years, which may be extended by up to 12 months in accordance with the transaction documents.
During the revolving period, principal collections will generally be applied to purchase additional eligible receivables, unless a series pay-out event occurs.
No principal payments will be made on the notes during the revolving period while the transaction operates under its standard conditions.
Following the revolving period, the transaction will enter a controlled accumulation period during which principal collections will be retained to fund repayment of the notes.
KBRA UK is registered as a credit rating agency with the UK Financial Conduct Authority and is located at 1 Connaught Place, Second Floor, London.