Discover Bank plans to issue $800 million of five-year notes backed by credit card receivables, according to regulatory filings.
The offerings consists of two tranches of class A notes rated triple-A by Moody’s Investors Service, Fitch Ratings and Standard & Poor’s. The $500 million 2017-1 tranche will pays a floating-rate of interests pegged to one-month Libor and the $300 million 2017-2 will tranche pay a fixed-rate of interest.
All of the notes have an expected maturity of January 2022 and a legal, final maturity of July 2024.
Bank of America and Societe Generale are the lead underwriters.