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MBNA AMERICA BANK, N.A. SECURITIZES $500 MILLION OF CREDIT CARD RECEIVABLES USING FLOATING RATE STRUCTURE

 NEWARK, Del., Nov. 18 ~PRNewswire~ -- MBNA Corporation (NYSE: KRB) announced today that MBNA America Bank, N.A., its wholly owned subsidiary, priced the issuance of $500 million of floating rate, five- year AAA~Aaa rated securities.
 The MBNA Master Credit Card Trust Series 1992-3 ("MBNA 1992-3") is backed by credit card receivables originated and serviced by MBNA. The securities which will float at 35 basis points over the one month London Interbank Offered Rate (LIBOR) and carry a 12 percent coupon cap, were priced at par with the initial period coupon set off a LIBOR rate of 3.25 percent to yield 3.60 percent and to be paid to investors on January 15, 1993. This is the sixteenth transaction by MBNA America Bank, N.A. and the third public securitization in 1992. The transaction was lead managed by The First Boston Corporation and co-managed by Lehman Brothers and Merrill Lynch & Co.
 This is the fourth issuance by MBNA using the Master Trust structure and the first with a floating interest rate. The Master Trust permits the addition of new accounts which provides MBNA with greater flexibility for future issuances under the Master Trust. The Trust is credit enhanced by a 12 percent Cash Collateral Account.
 The Cash Collateral Account structure pioneered by MBNA has become the predominant credit enhancement structure in the market. This structure eliminates event risk associated with the downgrading of a letter of credit bank.
 MBNA Corporation, a bank holding company, is the parent of MBNA America Bank, N.A., a national bank with over $9.2 billion in managed loans to over 8 million customers nationwide. MBNA, the country's third largest lender through bank credit cards, also provides retail deposit, individual loan, card acceptance, and financial transaction processing services. The company is endorsed by over 1,800 membership organizations and almost 1,000 financial institutions.
 ~delval~
 -0- 11~18~92
 ~CONTACT: David W. Spartin, senior vice president-investor relations of MBNA, 800-362-6255 or 302-456-8588~


CO: MBNA Corporation; MBNA America Bank, N.A. ST: Delaware IN: FIN SU:

CC -- PH039 -- 2540 11~18~92 16:44 EST
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Date:Nov 18, 1992
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