NEWARK, Del. -- MBNA Corp. said its credit card subsidiary, MBNA America Bank, has priced a $500 million issue of floating rate, five-year, triple-A-rated securities backed by receivables.
The MBNA Master Credit Card Trust Series 1992-3 will float at 35 basis points over the one-month London interbank offered rate and carry a 12% coupon cap. The securities were priced to yield 3.60% and be paid to investors on Jan. 15, 1993.
The transaction was MBNA America Bank's third public securitization in 1992 and 16th overall. The lead manager was First Boston Corp.; the co-managers were Lehman Brothers and Merrill Lynch & Co.