Discover to Issue $800M in 1st Credit Card Deal of Year

Published January 11, 2017 5:38 AM EST 1 Min Read

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.

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