New Issue: American Express sells $1.75 billion 2.25% five-year notes at 95 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., May 2 – American Express Credit Corp. sold $1.75 billion of 2.25% five-year senior medium-term notes at 99.939 to yield 2.263% on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The series F notes (A2/A-/A) priced in line with guidance at a spread of 95 basis points over Treasuries.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and BofA Merrill Lynch were the bookrunners.

The credit card services company is based in New York.

Issuer:	American Express Credit Corp.
Amount:	$1.75 billion
Maturity:	May 5, 2021
Securities:	Senior medium-term notes
Bookrunners:	Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., BofA Merrill Lynch
Co-managers:	MUFG, RBS Securities Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, CastleOak Securities, LP, Lebenthal & Co., LLC
Coupon:	2.25%
Price:	99.939
Yield:	2.263%
Spread:	Treasuries plus 95 bps
Call feature:	On or after 31 days prior to maturity at par plus accrued and unpaid interest
Pricing date:	May 2
Settlement date:	May 5
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A
Price guidance:	Treasuries plus 95 bps

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