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)     September 28, 2000
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                                MBNA Corporation
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              (Exact name of registrant as specified in its charter)



           Maryland                    1-10683             52-1713008
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   (State or other jurisdiction     (Commission       (I.R.S. Employer
        of incorporation)           File Number)       Identification No.)



             Wilmington, Delaware                              19884
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   (Address of principal executive offices)                   (Zip Code)


   Registrant's telephone number, including area code     (800) 362-6255
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       (Former name or former address, if changed since last report.)

Item 5.  Other Events


     On September 28, 2000, MBNA International Bank Limited, a wholly owned
foreign bank subsidiary of MBNA America Bank, N.A., located in the United
Kingdom, completed the securitization of 498.3 million pounds sterling of
credit card asset-backed securities issued via a special purpose vehicle,
Chester Asset Receivables Dealings No. 11 PLC (CARDS trademark).  MBNA America
Bank, N.A. is a wholly owned subsidiary of MBNA Corporation.

     The transaction had three publicly traded securities, EUR730.0 million
(approximately 438.3 million pounds sterling) Class A (senior) fixed-rate
asset-backed securities, 20.0 million pounds sterling Class B (subordinate)
floating-rate asset-backed securities and 40.0 million pounds sterling Class C
(subordinate) floating-rate asset-backed securities.  The Class A 6.125% asset-
backed securities were priced at 99.955% to yield 6.13%. The Class B floating-
rate asset-backed securities were indexed at 65 basis points over the three
month Sterling London Interbank Offered Rate ("LIBOR"), and were priced at
par. The Class C floating-rate asset-backed securities were indexed at 140
basis points over the three month Sterling LIBOR, and were priced at 99.65% to
yield 145 basis points over the three month Sterling LIBOR. The securities
have an expected maturity of 10 years.  Interest on the Class A securities
will be paid annually. Interest on the Class B securities and Class C
securities will be paid quarterly.

     The securities are governed by English law and are expected to be listed
on the London Stock Exchange.


                                   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 thereunto duly authorized.








                                                        MBNA CORPORATION


Date:  September 28, 2000                 By:  /s/      M. Scot Kaufman
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                                                        M. Scot Kaufman
                                               Senior Executive Vice President
                                                 and Chief Financial Officer