0001193125-23-168011.txt : 20230615 0001193125-23-168011.hdr.sgml : 20230615 20230615165656 ACCESSION NUMBER: 0001193125-23-168011 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20230615 DATE AS OF CHANGE: 20230615 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DISCOVER CARD MASTER TRUST I CENTRAL INDEX KEY: 0000894329 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 510020270 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-260957-02 FILM NUMBER: 231018176 BUSINESS ADDRESS: STREET 1: C/O DISCOVER BANK STREET 2: 800 PRIDES CROSSING SUITE 100 CITY: NEWARK STATE: DE ZIP: 19713 BUSINESS PHONE: 3023237315 MAIL ADDRESS: STREET 1: C/O DISCOVER BANK STREET 2: 800 PRIDES CROSSING SUITE 100 CITY: NEWARK STATE: DE ZIP: 19713 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DISCOVER CARD MASTER TRUST I CENTRAL INDEX KEY: 0000894329 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 510020270 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: C/O DISCOVER BANK STREET 2: 800 PRIDES CROSSING SUITE 100 CITY: NEWARK STATE: DE ZIP: 19713 BUSINESS PHONE: 3023237315 MAIL ADDRESS: STREET 1: C/O DISCOVER BANK STREET 2: 800 PRIDES CROSSING SUITE 100 CITY: NEWARK STATE: DE ZIP: 19713 FWP 1 d523044dfwp.htm FWP FWP

Filed pursuant to Rule 433

Registration No. 333-260957

Registration No. 333-260957-01

Registration No. 333-260957-02

Ratings Free Writing Prospectus, dated June 15, 2023

DISCOVER® CARD EXECUTION NOTE TRUST

DiscoverSeries Notes, Class A(2023-2)

$500,000,000 Principal Amount of Notes

 

 

The note issuance trust has prepared a preliminary prospectus subject to completion dated June 15, 2023 which describes the Class A(2023-2) notes to be issued by the note issuance trust. You should review the preliminary prospectus in its entirety before deciding to purchase any of the Class A(2023-2) notes.

Ratings

The note issuance trust will issue the Class A(2023-2) notes only if they are rated by the following nationally recognized statistical rating organizations as follows:

 

S&P Global Ratings

      AAA (sf)*  

Moody’s Investors Service, Inc.

      Aaa(sf)*  

A rating addresses the likelihood of the payment of interest on a note when due and the ultimate payment of principal of that note by its legal maturity date. A rating does not address the likelihood of payment of principal of a note on its expected maturity date. In addition, a rating does not address the possibility of an early payment or acceleration of a note, which could be caused by an early redemption event or an event of default. A rating is not a recommendation to buy, sell or hold notes and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating is based on the corresponding rating agency’s independent evaluation of the receivables and the availability of any credit enhancement for the notes. Ratings will be monitored by the applicable rating agencies while the notes are outstanding and, in certain instances described in the preliminary prospectus, Discover Bank or its affiliates may from time to time request the applicable rating agencies to confirm their ratings with respect to the notes. A rating, or a change or withdrawal of a rating, by one rating agency will not necessarily correspond to a rating, or a change or a withdrawal of a rating, from any other rating agency.

 

 

 

BofA Securities   Barclays   Wells Fargo Securities
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Discover Funding LLC, Discover Card Execution Note Trust and Discover Card Master Trust I have filed a registration statement, as amended (including a prospectus) (Registration Nos. 333-260957, 333-260957-01 and 333-260957-02), with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, including the preliminary prospectus for these Class A(2023-2) DiscoverSeries notes filed pursuant to Rule 424(h) on June 15, 2023, and other documents Discover Funding LLC, Discover Card Execution Note Trust and Discover Card Master Trust I filed with the SEC for complete information about Discover Funding LLC, Discover Card Execution Note Trust, Discover Card Master Trust I and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Discover Bank, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 1-800-294-1322.