Discover Bank plans to issue $550 million of credit card ABS from its Discover Card Execution Note Trust.

Fitch Ratings has assigned a preliminary rating of ‘AAA’ to the deal’s   class A (2013-3) notes. Citigroup and Barclays are co-lead managers of the deal

With this latest deal, Discover has 25 series of class A notes outstanding under DCENT, according to the Fitch presale. Discover Bank originates and transfers to the master trust the credit card receivables generated under certain designated Discover brand card accounts.

The total invested amount of notes outstanding will be $18.494 billion, consisting of $13.35 billion of class A notes, $1.31 billion of class B notes, $1.615 billion of class C notes, and $2.22 billion of class D notes.  

According to Fitch, Discover Bank increased the available credit enhancement for this trust by issuing a single tranche of class D notes on July 2, 2009, which was subsequently upsized on Jan. 13, 2010 and again on Dec. 16, 2011.

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