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 1, 1999
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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.)
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Item 5. Other Events
On December 1, 1999, MBNA America Bank, N.A. ("MBNA America"), a wholly
owned subsidiary of MBNA Corporation, completed the securitization of $500.0
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 1999-M. The transaction had two classes of publicly traded
securities (Class A and Class B), and a separate, privately placed, collateral
interest.
Series 1999-M consists of $425.0 million Class A (senior) fixed rate
asset backed certificates and $37.5 million Class B (subordinate) fixed rate
asset backed certificates. The privately placed collateral interest was
issued in the amount of $37.5 million and is subordinate to the Class A and
Class B asset backed certificates. The five-year 6.60% Class A certificates
were priced at 99.90637% to yield 6.714% or 77 basis points above the five-
year Treasury note. The five-year 6.80% Class B certificates were priced at
99.80763% to yield 6.944% or 100 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 1999-M.
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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 1, 1999 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
