Discover Bank is planning to issue $1 billion from is credit card master trust over two series of note issuance, 2013-1 and 2013-2.
The class A (2013-1) notes and class A(2013-2) notes are expected to be the 63rd and 64th tranches, respectively, of notes to be issued by the note issuance trust.
The note issuance trust has issued 32 tranches of DiscoverSeries class A notes, 15 tranches of DiscoverSeries class B notes, 14 tranches of DiscoverSeries class C notes and one tranche of DiscoverSeries class D notes, according to a deal prospectus filed with the U.S. Securities and Exchange Commission.
Of these tranches, 38 have not reached their expected maturity dates and are still outstanding.
Bank of America Merrill Lynch, JP Morgan and RBC Capital Markets are lead underwriters on the deal.
Fitch Ratings and Standard & Poor’s have assigned preliminary ratings to the notes.
S&P said today that it assigned 'AAA' ratings to the class A 2013-1 and the class A 2013-2 notes. The ratings agency said that the notes are backed by undivided investor interest in Discover Card Master Trust I's series 2007-CC collateral certificate, which, in turn, is collateralized by receivables generated from designated Discover Card accounts.