UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 17, 1998
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
Item 5. Other Events
On December 17, 1998, MBNA International Bank Limited ("MBNA
International"), a wholly owned foreign bank subsidiary of MBNA America Bank,
N.A., located in the United Kingdom, completed the securitization of 250.0
million pounds sterling of credit card asset-backed securities. MBNA America
Bank, N.A. is a wholly owned subsidiary of MBNA Corporation.
The securities were offered in two transactions, 240.0 million pounds
sterling Class A (senior) floating rate asset-backed securities issued via a
special purpose vehicle, Chester Asset Receivables Dealings No. 7 Limited
(CARDS trademark), and a 10.0 million pounds sterling Class B (subordinate)
floating rate asset-backed security issued via a second special purpose
vehicle, Credit Card Securitization International Limited, which was privately
placed. The 3.0 year Class A Notes were indexed at 27 basis points over the
three month Sterling London Interbank Offered Rate (LIBOR), and priced at
99.919% to yield 30 basis points over the three month Sterling (LIBOR).
Interest on the Class A Notes will be paid quarterly.
Credit Card Securitization International Limited was established to
purchase credit card receivables from MBNA International on an on-going basis
and facilitate the issuance of additional securities. Functionally, this is
similar to "master trust" structures used in the United States securitization
market.
The securities are governed by English law and the Class A Notes are
expected to be listed on the London Stock Exchange.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MBNA CORPORATION
Date: December 17, 1998 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
