Discover Bank is preparing to offer $850 million of notes backed by credit card receivables, according to a regulatory filing.

The securities will be Class A notes issued by the Discover Card Execution Note Trust. They have an expected maturity of Feb. 15 2017 and a legal maturity of August 15, 2019.

Citigroup and RBS are the lead underwriters.

This is Discover’s second offering of Class A notes this year; in January, the bank issued $800 million, upsized from the original offering of $500 million.

The Class A(2014-2) tranche is expected to be the 74th tranche of Class A notes to be issued by the trust; the trust has previously issued 39 Class A tranches, 17 tranches of Class B notes, 16 tranches of Class C notes and one tranche of Class D notes.

Moody’s Investors Service has assigned a preliminary 'Aaa' rating to the latest offering. Moody's expects performance in the range of 2.5% - 3.0% for charge-offs, 18% - 21% for yield and 20% - 23% for the principal payment rate, according to the presale report.

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