New deals introduced to the European securitization market this week include ASR Banks €1.5 billion (US$1.6 billion) Delphinus 2003-IIRMBS, led by Fortis Bank and Merrill Lynch. Delphinus is expected to include fixed and floating rate class A notes.

Also this week, the US$200 million Turkish-based Garanti Trade Payment Rights 2003-1 through Standard Chartered Bank began marketing. The single-note offering will be wrapped by MBIA.

Punch Tavern’s widely anticipated refinancing is taking shape as well. The group announced it would be combining the two deals as a single structure and with the addition of pubs that were previously funded through short-term bank debt. In total the new securitization brings Punch’s long-term debt up to £1.8 billion (US$2.8 billion)

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