Discover Bank priced $1.3 billion of bonds backed by credit card receivables over two series of notes.

Deutsche Bank and RBC Capital Markets are lead underwriters on the deal.

Moody's Investors Service has assigned a ‘Aaa ‘rating to the $850 million DiscoverSeries Class A(2013-5) notes and the $550million  DiscoverSeries Class A(2013-6) notes issued by  the Discover Card Execution Note Trust.


The DiscoverSeries Class A(2013-6), floating rate notes, structured with 4.96-years weighted average life priced at 45 basis points over interpolated swaps. The DiscoverSeries Class A(2013-5), fixed rate notes with a 2.97-year weighted average life priced at 35 basis points over interpolated swaps, according to a pricing document filed with the Securities and Exchange Commission.

The notes are expected to be the 68th and 70th tranches of notes to be issued from Discover’s credit card trust.



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.