Two benchmark credit card deals from U.S. credit card firm MBNA one in Euros backed by U.S. assets and the other in sterling backed by assets in the U.K. were among the notable features of the last few weeks in the European securitization market.

The Euro-denominated deal, led by Morgan Stanley Dean Witter, is the second time that MBNA has issued in the single currency. The E500 million deal has a five-year maturity and is rated triple-A by Moody's, Standard & Poor's and Fitch IBCA.

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