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Commentary & Deal Flow

NEW ISSUE: American Express € bmk 8NC7 Sr Unsec FXD/FRN; MS+110a

IGC European Market: Deal Flow - General

Issuer

Term

Call

Maturity

Size

Ranking

Type

IPT

ISIN

American Express

8NC7

7y

16-Jun-34

bmk

Sr Unsec

Fixed to Floating

MS+110a

XS3408968744


IPTs: 8NC7: MS+110a


  • Issuer: American Express Company (Ticker: AXP, Country: U.S.)
  • Issuer LEI: R4PP93JZOLY261QX3811
  • Expected Ratings:* Moody’s: A2 / Stable S&P: A- / Stable Fitch: A / Stable
  • Format: SEC-Registered
  • Ranking: Senior Unsecured
  • Size: € Benchmark
  • Tenor: 8NC7
  • IPTs: MS+110bps area
  • Coupon Type: Fixed-to-Float, Ann and Act/Act (Fixed) and Quarterly and Act/360 (Floating)
  • Coupon Reset Benchmark: Three-Month EURIBOR
  • Maturity Date: 16-Jun-34
  • Settlement Date: 17-Jun-26 (T+5)
  • Optional Par Redemption: (i) In whole but not in part on 16-Jun-33 or (ii) in whole or in part during the three-month period prior to the maturity date
  • Optional Make Whole Redemption: In whole or in part on or after 17-Dec-26, and prior to 16-Jun-33
  • Redemption Upon a Tax Event: In whole but not in part upon the occurrence of a Tax Event
  • Joint Bookrunner(s): Morgan Stanley (B&D), BofA Securities, Deutsche Bank
  • Use of Proceeds: General corporate purposes
  • Expected Listing: NYSE Listing
  • Governing Law: New York Law
  • The Denominations: €100,000 x €1,000
  • MiFID II Target Market and PRIIPs Regulation: MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA
  • UK MiFIR and IFCA Product Disclosure Sourcebook (DISC): UK MiFIR professionals / ECPs-only / No CCI product summary – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No product summary or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the UK.
  • Sale into Canada: Yes – Exemption
  • ISIN: XS3408968744
  • Common Code: 340896874
  • Timing: Books open, today’s business