Discover's $600 Million Bond Backed By Credit-Card Debt - Source
23 Febbraio 2011 - 8:22PM
Dow Jones News
Discover Card Execution Trust is offering a $600 million bond
for sale, according to a person familiar with the matter.
The security is backed by credit-card debt.
Joint lead managers on the deal are Citigroup and Royal Bank of
Scotland.
Other asset-backed deals in the market this week include one by
SLM Corp. for $812.35 million. SLM Corp. is better known as Sallie
Mae. Its bond is backed by Federal Family Education Loan Program
consolidation student loans and is joint-led by Bank of America
Merrill Lynch and Barclays Capital.
The largest triple-A rated tranche is valued at $587.977 million
and is for 3.74 years. The $200 million triple-A rated portion is
for 10.7 years.
The deal will likely price this week.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com
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