In spite of a relatively quiet start to October in the European market, the work going on behind the scenes has created an expanding pipeline of deals that suggest the next few months will be busy for ABS professionals.

One deal expected to launch soon is the securitization of income earned from a portfolio of theatres owned by Andrew Lloyd Webber's Really Useful Theatre Group. Called, unsurprisingly, Really Useful Theatres Limited, the GBP84 million ($121.9 million) transaction will be backed by the revenues of 13 theatres, including the London Palladium. Schroder Salomon Smith Barney and Chase Manhattan International will act as joint lead managers.

The deal will be split into four tranches, including two senior classes of notes - the GBP18 million A1 tranche and GBP18 million A2 tranche - which both received a provisional rating of A2 from Moody's Investors Service.

Another imminent launch as ASRI went to press was the addition of GBP250 million notes to British pub and restaurant business Punch Group's securitization, launched in 1998. The initial GBP535 million deal was backed by the income earned from a portfolio of over 1,400 leased pubs. The extra notes will be funded by the addition of around 750 pubs to the original portfolio.

Following a relatively quiet period of activity in Turkey, Disbank is getting ready to dip its toes in the waters again with a EURO100 million ($85.2 million) transaction. Called TFT Payment Rights, the deal will be backed by foreign currency receivables earned from the bank's payment rights processing business.

The transaction, which will be lead managed by Dresdner Kleinwort Benson, will be split into two tranches, both of which have received provisional ratings of BBB by Fitch.

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