Discover Bank plans to issue up to $500 million of class A, 5-year notes from its Discover Card Execution Note Trust.
The Class A, 2014-1 series has been assigned preliminary ratings of AAA’ by Fitch Ratings. Credit enhancement for the class A (2014-1) notes totals 24.50%.
Bank of America Merrill Lynch and JP Morgan are lead underwriters on the deal.
With the latest deal, the issuer has offered 28 series of class A notes from the trust. The notes are part of a multiple-issuance series of notes called the DiscoverSeries, which consist of class A, B, C and D notes.
The total invested amount of notes outstanding will be $19.864 billion, consisting of $14.45 billion of class A notes, $1.335 billion of class B notes, $1.695 billion of class C notes and $2.38 billion of class D notes, according to the Fitch presale report.