The U.K.'s largest independent pub company, Punch Group, last week launched the biggest ever securitization of pub receivables. The GBP1.5 billion deal ($2.25 billion) - called Punch Funding II - is also a benchmark deal in that it is one of the first pub securitizations to be backed by the income of both managed and leased pubs.

Salomon Smith Barney arranged the deal and acted as bookrunner, alongside Goldman Sachs and the Royal Bank of Scotland. AMBAC Assurance wrapped the senior tranches.

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