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) October 29, 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 October 29, 1998, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of
$750.0 million of five-year credit card asset backed securities. MBNA America
transferred credit card receivables to MBNA Master Credit Card Trust II which
issued Series 1998-J. The transaction had two classes of publicly traded
securities (Class A and Class B), and a separate, privately placed, collateral
invested amount.
Series 1998-J consists of $660.0 million Class A (senior) fixed rate
asset backed certificates and $45.0 million Class B (subordinate) fixed rate
asset backed certificates. The privately placed, floating rate collateral
invested amount was issued in the amount of $45.0 million and is subordinate
to the Class A and Class B asset backed certificates. The 5.0 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 5.0 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. MBNA America retained ownership of the credit card accounts
which generated the receivables and will act as servicing agent for Series
1998-J.
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: October 29, 1998 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
