Commentary & Deal Flow

Reoffer: 8NC7: MS+85bp / 100 / 3.835%
Benchmark: 8NC7: DBR 2.300 15-Feb-33 (HR: 103%) @96.47 / B+94.8bps

Launched: 8NC7: €750m @ MS+85bp
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: €750m
• Tenor: 8NC7
• Benchmark: DBR 2.300 15-Feb-33 (HR: 103%) @96.47 / B+94.8bps
• Coupon: 3.835% Fixed-to-Float, Ann and Act/Act (Fixed) and Quarterly and Act/360 (Floating)
• Coupon Reset Benchmark: 90.59bps vs 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: 15bps MWC 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: PRICED // TOE: 15:08 UKT // FTT: TBD