MBNA Bank Europe is said to be planning its first European deal of the year, and it may come as soon as this month, according to London-based bankers. Vernon Wright, executive vice-chairman and chief corporate finance chief at MBNA's world headquarters in Wilmington, Del., declined to say what the timing of any European deals would be. He did say, however, to expect to see euro- and sterling-denominated deals from the credit card giant this year.
Last year, MBNA issued two credit card securitizations through its CARDS program, totalling E1.75 billion. The firm has used Barclays Capital, Deutsche Bank and Merrill Lynch to underwrite deals in the past. Wright says distribution is key, and the firm is in constant dialogue with investment banks about upcoming deals and does not issue requests for proposals.