<PAGE> 1
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: January 15, 1999
CAPITAL ONE MASTER TRUST
CAPITAL ONE BANK
(Exact name of registrant as specified in its charter)
Virginia 0-25762 54-1719855
- ------------------------------- ------------- -------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
11013 West Broad Street Road, Glen Allen, Virginia 23060
- -------------------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(804) 967-1000
(Former name or former address, if changed since last report):
Not Applicable
Page 1 of 42
<PAGE> 2
16. Series 1998-5 Certificateholder's Statement for the
month of December 1998.
17. Trust Excess Spread Analysis
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 there-unto duly authorized.
CAPITAL ONE MASTER TRUST
By: CAPITAL ONE BANK
Servicer
By: /s/ David M. Willey
---------------------------------------
David M. Willey
Senior Vice President and Treasurer
Date: January 15, 1999
Page 3 of 42
<PAGE> 1
CAPITAL ONE MASTER TRUST
TRUST EXCESS SPREAD ANALYSIS - DECEMBER-98
<TABLE>
<CAPTION>
Card Trust COMT 93-4 COMT 94-3 COMT 95-1 COMT 95-3 COMT 96-1* COMT 96-2
Deal Size $700MM $453MM $900MM $1050MM $845MM $750MM
Expected Maturity(Class A): 1/15/99 6/15/99 6/15/00 8/15/00 8/15/01 12/15/01
In Accumulation (NON-US
Period TRANSACTION)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Excess Spread:
Portfolio Yield 12.52% 21.33% 21.33% 21.33% 21.33% 21.33%
LESS: (Wt Avg) Coupon 5.73% 5.85% 5.70% 5.66% 5.53% 5.63%
SVC Fees 0.90% 2.00% 2.00% 2.00% 1.50% 1.50%
Charge-Offs 2.10% 4.68% 4.68% 4.68% 4.68% 4.68%
Excess Spread: Dec-98 3.79% 8.80% 8.95% 8.99% 9.62% 9.52%
Nov-98 4.73% 7.88% 8.11% 8.14% 8.56% 8.67%
Oct-98 6.44% 7.77% 7.92% 7.95% 8.25% 8.49%
3-Mo Avg Excess Spread 4.99% 8.15% 8.33% 8.36% 8.81% 8.89%
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquents: 30 to 59 days 1.77% 1.77% 1.77% 1.77% 1.77% 1.77%
60 to 89 days 1.09% 1.09% 1.09% 1.09% 1.09% 1.09%
90+ days 2.16% 2.16% 2.16% 2.16% 2.16% 2.16%
Monthly Payment Rate 11.13% 11.13% 11.13% 11.13% 11.13% 11.13%
</TABLE>
<TABLE>
<CAPTION>
Card Trust COMT 96-3 COMT 97-1* COMT 97-2* COMT 98-1 COMT 98-2* COMT 98-3*
Deal Size $500MM $608MM $502MM $591MM $502MM $464MM
Expected Maturity(Class A): 1/15/04 6/15/02 8/15/02 4/15/08 8/10/99 8/16/01
(NON-US (NON-US (NON-US (NON-US
TRANSACTION) TRANSACTION) TRANSACTION) TRANSACTION)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Excess Spread:
Portfolio Yield 21.33% 21.33% 21.33% 21.33% 21.33% 21.33%
LESS: (Wt Avg) Coupon 5.67% 5.28% 5.48% 6.34% 5.43% 6.06%
SVC Fees 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Charge-Offs 4.68% 4.68% 4.68% 4.68% 4.68% 4.68%
Excess Spread: Dec-98 9.48% 9.87% 9.67% 8.81% 9.72% 9.09%
Nov-98 8.64% 8.60% 8.61% 7.89% 8.87% 8.55%
Oct-98 8.45% 8.52% 8.30% 7.58% 8.69% 7.70%
3-Mo Avg Excess Spread 8.86% 9.00% 8.86% 8.09% 9.09% 8.45%
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquents: 30 to 59 days 1.77% 1.77% 1.77% 1.77% 1.77% 1.77%
60 to 89 days 1.09% 1.09% 1.09% 1.09% 1.09% 1.09%
90+ days 2.16% 2.16% 2.16% 2.16% 2.16% 2.16%
Monthly Payment Rate 11.13% 11.13% 11.13% 11.13% 11.13% 11.13%
<CAPTION>
Card Trust COMT 98-4
Deal Size $750MM
Expected Maturity(Class A): 11/15/03
- -----------------------------------------------------------------
<S> <C> <C>
Excess Spread:
Portfolio Yield 21.33%
LESS: (Wt Avg) Coupon 5.63%
SVC Fees 1.50%
Charge-Offs 4.68%
Excess Spread: Dec-98 9.52%
Nov-98 8.99%
Oct-98 8.20%
3-Mo Avg Excess Spread 8.90%
- -----------------------------------------------------------------
Delinquents: 30 to 59 days 1.77%
60 to 89 days 1.09%
90+ days 2.16%
Monthly Payment Rate 11.13%
</TABLE>
* This material is for informational purposes only and is not an offer of
securities for sale in the United States. These securities will not be and have
not been registered under the Securities Act of 1933 and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements.
COMMENTS:
October excess spread number for Series 1998-4 is a proforma number
Capital One Master Trust performance statistics are also available at the
Capital One web site: http://www.capitalone.com (Under "For Investors" section)
Page 42 of 42
