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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.