A busy 2004 saw primary ABS volumes exceed expectations on the European front. Among the many contenders to emerge for European ABS deal of the year, one deal that stood out for it's innovative and breakthrough qualities was MBNA Europe Bank's de-linked credit card securitization program.

The transaction was the first European de-linked securitization platform, functioning similarly to U.S.-style programs but governed by European laws. The structure enables the issuer to tap specific demand by tailoring to investor generally reverse inquiries and take advantage of market conditions at specific rating levels and maturities.

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