<HTML><HEAD><TITLE>October 2, 2003 Securitization 8-K</TITLE><!-- Licensed to: MBNA Corp--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">UNITED STATES </FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">SECURITIES AND EXCHANGE COMMISSION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Washington, D.C. 20549</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times Roman">FORM 8-K</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">CURRENT REPORT</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Pursuant to Section 13 or 15(d) of the </FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Securities Exchange Act of 1934</FONT> </DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">October 2, 2003</FONT> </DIV></TD></TR>
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<FONT size=2>(exact name of registrant as specified in its charter)</FONT></DIV></TD></TR></TABLE></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">1-10683</FONT> </DIV></TD>
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<DIV align=center><FONT size=2>(Commission File Number)</FONT></DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Identification No.)</FONT></DIV></TD></TR></TABLE>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Wilmington, Delaware</FONT> </DIV></TD>
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<FONT size=2>(Zip Code)</FONT></DIV></TD></TR></TABLE>
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<FONT size=3>&nbsp;</FONT>(Former name or former address, if changed since last report)</FONT></DIV></TD></TR></TABLE>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Item 5. Other Events</FONT> </DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">On October 2, 2003, MBNA Canada Bank ("MBNA Canada"), a wholly owned foreign bank subsidiary of MBNA America Bank, N.A., located in Canada, completed the securitization of CAD$500.0 million of five-year credit card asset backed notes. MBNA America Bank, N.A. is a wholly owned subsidiary of MBNA Corporation. MBNA Canada transferred credit card receivables to Gloucester Credit Card Trust which issued Series 2003-2. The transaction had two classes of publicly traded securities (Class A and Collateral). </FONT></DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Series 2003-2 consists of CAD$422.5 million Class A fixed rate asset backed notes and CAD$77.5 million Collateral fixed rate notes. The Collateral notes are subordinate to the Class A asset backed notes. The five-year 4.274% Class A notes and the five-year 6.035% Collateral notes were priced at par. Interest on the Class A notes and the Collateral notes will be paid semi-annually.</FONT> </DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">MBNA Canada retained ownership of the credit card accounts which generated the receivables and will act as servicing agent for Series 2003-2. The securities are governed by Canadian law.</FONT> </DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">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 hereunto duly authorized.</FONT> </DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">MBNA Corporation</FONT> </DIV></TD></TR>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Date: October 2, 2003</FONT> </DIV></TD>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">/s/</FONT> </DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Vernon H.C. Wright</FONT> </DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Vernon H.C. Wright</FONT></DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times Roman">Chief Financial Officer</FONT> </DIV></TD></TR></TABLE>
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October 2, 2003 Securitization 8-K
UNITED STATES
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 (Date of earliest event reported)
October 2, 2003
MBNA Corporation
(exact name of registrant as specified in its charter)
Maryland
1-10683
52-1713008
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
Wilmington, Delaware
19884-0131
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(800) 362-6255
(Former name or former address, if changed since last report)
Item 5. Other Events
On October 2, 2003, MBNA Canada Bank ("MBNA Canada"), a wholly owned foreign bank subsidiary of MBNA America Bank, N.A., located in Canada, completed the securitization of CAD$500.0 million of five-year credit card asset backed notes. MBNA America Bank, N.A. is a wholly owned subsidiary of MBNA Corporation. MBNA Canada transferred credit card receivables to Gloucester Credit Card Trust which issued Series 2003-2. The transaction had two classes of publicly traded securities (Class A and Collateral).
Series 2003-2 consists of CAD$422.5 million Class A fixed rate asset backed notes and CAD$77.5 million Collateral fixed rate notes. The Collateral notes are subordinate to the Class A asset backed notes. The five-year 4.274% Class A notes and the five-year 6.035% Collateral notes were priced at par. Interest on the Class A notes and the Collateral notes will be paid semi-annually.
MBNA Canada retained ownership of the credit card accounts which generated the receivables and will act as servicing agent for Series 2003-2. The securities are governed by Canadian law.
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 hereunto duly authorized.
MBNA Corporation
Date: October 2, 2003
By:
/s/
Vernon H.C. Wright
Vernon H.C. Wright
Chief Financial Officer