Discover Bank and Royal Bank of Canada are marketing the first two offerings of the year of notes backed by credit card receivables.

The $500 million DiscoverSeries Class A (2016-1) notes have an expected maturity of January 2019, according to regulatory filings. They will only be issued if they obtain triple-A ratings from Fitch Ratings, Moody’s Investors Service and Standard & Poor’s.

Bank of America Merrill Lynch and Societe Generale are the lead underwriters.

And RBC has two, as-yet unsized offerings.

Golden Credit Card Trust Series 2016-1 will issue three tranches of one-year notes, according to rating agency reports. The triple-AAA rated class A notes will be offered via rule 144A in the U.S while the single-A rated class B notes and triple-B rated C notes will be retained by the issuer.

S&P, Moody’s, Fitch and DBRS are all rating the deal.

Golden Credit Card Trust, Series 2016-2 will issue three tranche of two-year notes; the triple-A rated class A notes and single-A rated class B notes will be retained by the issuer; the triple-B rated class C notes will be issued via a private offering in Canada.

The deal is rated by Fitch and DBRS.

As of the January 2016 distribution date, GCCT’s collateral performance metrics were in line with the Fitch Rating’s indices. Charge-offs and 60+ day delinquencies have remained relatively stable over the past 24 months and the monthly payment rate has remained consistent since the inception of the trust. Gross yield has been robust over the past two years.

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