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)    February 28, 2002
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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                             19884-0141
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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 February 28, 2002, MBNA America Bank, N.A. ("MBNA America"), a wholly owned
subsidiary of MBNA Corporation, completed the securitization of $500.0 million
of credit card loan receivables.  MBNA America, through MBNA Credit Card Master
Note Trust, issued MBNAseries asset backed notes.

The MBNAseries issuance had two subordinated classes of publicly traded
fixed rate asset backed notes, Class B (2002-1) and Class C (2002-1). Class B
(2002-1) consists of $250.0 million five-year 5.15% fixed rate asset backed
notes that were priced at 99.8309% to yield 5.245%. Class C (2002-1) consists
of $250.0 million ten-year 6.80% fixed rate asset backed notes that were priced
at 99.698015% to yield 6.94%.

MBNA America retained ownership of the credit card accounts, which generated
the receivables and will act as servicing agent for Class B (2002-1) and
Class C (2002-1).







































                                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: February 28, 2002                  By: /s/     M. Scot Kaufman
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                                                     M. Scot Kaufman
                                             Senior Executive Vice President
                                               and Chief Financial Officer