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Non-Tech : MBNA (KRB) -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (43)	10/22/1998 2:59:00 PM
From: JakeStraw	Respond to of 119

MBNA America Bank, N.A. Securitizes $750 Million of Credit Card Receivables WILMINGTON, Del., Oct. 22 /PRNewswire/ -- MBNA Corporation (NYSE: KRB - news) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, priced $750 million of five-year credit card asset backed securities as part of the bank's normal securitization program. The securitization from the MBNA Master Credit Card Trust II, which was oversubscribed, featured two classes of publicly traded securities (Class A and Class B) as well as a privately placed collateral invested amount. The transaction, Series 1998-J, included $660 million of Class A (Senior) fixed rate asset backed certificates, $45 million of Class B (Subordinate) fixed rate asset backed certificates and a $45 million, privately placed, floating rate collateral invested amount. The 5 year 5.25% Class A certificates were priced at 99.793% to yield 5.357% or 120 basis points above the five-year Treasury note. The 5 year 5.65% Class B certificates were priced at 99.832% to yield 5.757% or 160 basis points above the five-year Treasury note. The transaction, which is scheduled to close October 29, 1998, was lead managed by Goldman, Sachs & Co. and co-managed by Credit Suisse First Boston. The transaction is MBNA's second securitization within the past week and year-to-date the bank has completed 13 transactions totaling $8.2 billion. MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $56.3 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. SOURCE: MBNA Corporation