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.

 

 

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