Discover to Issue $750M Credit Card ABS

April 11, 2016, 11:59 a.m. EDT 1 Min Read

Discover Bank on Friday revealed it is securitizing a new series of credit-card securitizations in a pair of new issues totaling up to $750 million.

Discover Card Master Trust (DCMT) 1 is issuing a pool of $500 Million DiscoverSeries Class A notes (2016-2) and a $250 million Class A notes (2016-3), according to a filing Friday with the Securities and Exchange Commission. The issues would be the second and third, respectively, of credit-card receivables this year following a January offering of $500 million in new notes.

Barclays and Citigroup are the underwriters. Discover expects to close the proposals by April 19.

Discover is looking to have the deals rated through Fitch Ratings, Standard & Poor’s and Moody’s Investors Service.

With the new deals Discover has now issued 92 tranches of securitized notes, including 84 of DiscoverSeries notes through the DCMT 1 vehicle, which have total receivables of more than $27.1 billion.

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