MBNA Corp. recently entered into a 10-year EUR750 million ($672 million, notional) currency swap with an undisclosed counterparty. Vernon C. Wright, executive v.p. and chief corporate finance officer, said the Wilmington, Del.-based credit card company entered the swap to convert U.S. dollar-denominated receivables into euros. It will pass on the euro swap payments to bond investors that purchased a euro-denominated asset-backed security issued by MBNA, he explained. Wright declined to detail the swap rates. He added that MBNA occasionally uses interest-rate swaps.
