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Fixed Income Investors

Funding and Liquidity Overview

Funding Strategy

Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to meet our maturing obligations, cost-effectively finance asset growth in our global businesses as well as to maintain a strong liquidity profile.

Funding Strategy Image

Liquidity Management

Our liquidity objective is to maintain access to a diverse set of on- and off-balance sheet liquidity sources. We seek to maintain liquidity sources in amounts sufficient to meet our expected future financial obligations and business requirements for liquidity for a period of at least twelve months in the event we are unable to raise new funds under our regular funding programs during a substantial weakening in economic conditions.

Our liquidity management strategy includes a number of elements, including, but not limited to:

  • Maintaining diversified funding sources (refer to the “Funding Strategy” section for more details);
  • Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;
  • Projecting cash inflows and outflows under a variety of economic and market scenarios; and
  • Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.

The amount and type of liquidity resources we maintain can vary over time, based upon the results of stress scenarios required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as additional stress scenarios required under our liquidity risk policy.

For further details, refer to our 10-Q or 10-K SEC filings and our Fixed Income Presentations.

Fixed Income Presentations

Date Format

Term Sheets and Prospectus Supplements

The following tables provide the term sheets and prospectus supplements in PDF format for outstanding unsecured term debt securities.

Legend

AXP
American Express Company
CREDCO
American Express Credit Corporation
Issuer CUSIP/ISIN Rate Type Maturity Year Description Term Sheet Prospectus Supplement
Credco US0258M0EK14 Fixed 2019 1.875% Fixed Rate Senior Notes Due May 3, 2019 Icon Icon
Credco US0258M0EJ41 Floating 2019 Floating Rate Senior Notes Due May 3, 2019 Icon Icon
AXP US025816BB49 Fixed 2019 8.125% Notes Due May 20, 2019 Icon Icon
Credco US0258M0DQ92 Floating 2019 Floating Rate Senior Notes Due August 15, 2019 Icon Icon
Credco US0258M0DP10 Fixed 2019 2.250% Fixed Rate Senior Notes Due August 15, 2019 Icon Icon
Credco US0258M0ED70 Floating 2019 Floating Rate Senior Notes Due October 30, 2019 Icon Icon
Credco US0258M0EC97 Fixed 2019 1.700% Fixed Rate Senior Notes Due October 30, 2019 Icon Icon
Credco US0258M0EE53 Fixed 2020 2.200% Fixed Rate Senior Notes Due March 3, 2020 Icon Icon
Credco US0258M0EF29 Floating 2020 Floating Rate Senior Notes Due March 3, 2020 Icon Icon
Credco US0258M0DU05 Floating 2020 Floating Rate Senior Notes Due May 26, 2020 Icon Icon
Credco US0258M0DT32 Fixed 2020 2.375% Fixed Rate Senior Notes Due May 26, 2020 Icon Icon
AXP US0258M0DX44 Fixed 2020 2.600% Fixed Rate Senior Notes Due September 14, 2020 Icon Icon
AXP US0258M0DY27 Floating 2020 Floating Rate Senior Notes Due September 14, 2020 Icon Icon
AXP US025816BQ18 Floating 2020 Floating Rate Notes Due October 30, 2020 Icon Icon
AXP US025816BP35 Fixed 2020 2.200% Notes Due October 30, 2020 Icon Icon
Credco US0258M0EB15 Fixed 2021 2.250% Fixed Rate Senior Notes Due May 5, 2021 Icon Icon
AXP US025816BV03 Floating 2021 Floating Rate Notes Due May 17, 2021 Icon Icon
AXP US025816BU20 Fixed 2021 3.375% Notes Due May 17, 2021 Icon Icon
Credco XS1521058518 Fixed 2021 0.625% Senior Notes due November 22, 2021 Icon Icon
AXP US025816BY42 Fixed 2021 3.700% Notes Due November 5, 2021 Icon Icon
AXP US025816BZ17 Floating 2021 Floating Rate Notes Due November 5, 2021 Icon Icon
AXP US025816CB30 Fixed 2021 3.000% Notes Due February 22, 2021 Icon Icon
Credco US0258M0EH84 Floating 2022 Floating Rate Senior Notes Due March 3, 2022 Icon Icon
Credco US0258M0EG02 Fixed 2022 2.700% Fixed Rate Senior Notes Due March 3, 2022 Icon Icon
Credco US025816BN86 Floating 2022 Floating Rate Notes Due August 1, 2022 Icon Icon
AXP US025816BM04 Fixed 2022 2.500% Notes Due August 1, 2022 Icon Icon
AXP US025816BT56 Floating 2023 Floating Rate Notes Due February 27, 2023 Icon Icon
AXP US025816BS73 Fixed 2023 3.400% Notes Due February 27, 2023 Icon Icon
AXP US025816BX68 Floating 2023 Floating Rate Notes Due August 3, 2023 Icon Icon
AXP US025816BW85 Fixed 2023 3.700% Notes Due August 3, 2023 Icon Icon
AXP US025816BR90 Fixed 2024 3.000% Notes Due October 30, 2024 Icon Icon
AXP US025816BK48 Fixed 2024 3.625% Subordinated Notes due December 5, 2024 Icon Icon
AXP US025816CC13 Fixed 2024 3.4000% Notes Due February 22, 2024 Icon Icon
AXP US025816CA56 Fixed 2025 4.200% Notes Due November 6, 2025 Icon Icon
Credco US0258M0EL96 Fixed 2027 3.300% Fixed Rate Senior Notes Due May 3, 2027 Icon Icon
AXP US025816BL21 Fixed To Floating 2099 4.900% Noncumulative Preferred Shares Icon Icon
AXP US025816BJ74 Floating 2099 5.200% Noncumulative Preferred Shares Icon Icon

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Asset Backed Securities

American Express periodically securitizes Card Member loans and receivables arising from its card business through the transfer of those assets to securitization trusts, including American Express Credit Account Master Trust.

American Express Credit Account Master Trust

No Offer or Solicitation.

The information contained on this web site is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Information Subject to Change

American Express Company and its affiliates and subsidiaries ("American Express") reserve the right to amend or revise any information contained on this web site at any time without notification. Documents contained herein may be amended, supplemented, or otherwise modified from time to time. Persons accessing this documentation at any time should understand that the documentation is subject to change without notice.

Offering Documents and Other Materials Contain Dated Information.

Offering documents prepared from time to time in connection with specific offerings of asset-backed securities issued by the American Express Master Trust and the American Express Issuance Trust (each, a "Trust"), and other Trust information, may be included on this web site. All such information contained on this web site speaks only as of the date the information was originally issued and may not be accurate as of any subsequent date. Historical performance information has been included in the following pages. Past performance is not indicative of future results.

American Express has undertaken no obligation, and has assumed no responsibility, to update the information contained in any materials on this web site for facts or events arising after the date the materials were originally prepared. American Express assumes no responsibility for damages incurred in connection with the use of the information contained herein.

Investment Considerations.

Investment in asset-backed securities involves certain risks. The information contained on this web site is not sufficient or complete to make a decision regarding investments in securities issued by a Trust. Any reported performance results should not necessarily be considered indicative of future performance. Prospective investors should consult their own financial and legal advisors about risks associated with investment in a particular issue of securities and the suitability of investing in such securities in light of their particular circumstances.

Issuance Trust II

Program Documents Format

Servicer Reports

Performance Trends

Cusip Lookup Format

Commercial Paper

Issuer

American Express Credit Corporation (CREDCO)

Offering

American Express Credit Corporation offers its commercial paper pursuant to the exemption from registration under the Securities Act of 1933, as amended, provided by Section 3(a)(3) thereof. Commercial paper notes are unsecured obligations, ranking pari passu with the Issuer's other unsubordinated and unsecured indebtedness.

Ratings*

Issuing Entity Instrument Moody's S&P Fitch
American Express Credit Corporation Short-term P-1 A-2 F1
Outlook Negative Stable Negative

*Prospective investors should verify ratings prior to each investment

Distribution

American Express Credit Corporation distributes its commercial paper through Citigroup Global Markets Inc and Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPFS), a subsidiary of Bank of America Corporation, to institutional and corporate investors.

Maturities

Offered 1 to 270 days from settlement date.

Minimum Denomination

The minimum transaction amount is $100,000 with integral increments of $1,000 in excess thereof.

Rate Information

Commercial paper rates are available electronically to enabled investors on the following services:

Service Command
Bloomberg BOOM [go]

or by calling Citigroup Global Markets Inc at (212) 723-6252 or Merrill Lynch, Pierce, Fenner & Smith Incorporated at (646) 855-6333.

Settlement

American Express Credit Corporation utilizes one Issuing and Paying Agent (IPA), Deutsche Bank Trust Company Americas, to settle its commercial paper transactions through the Deposit Trust & Clearing Corporation (DTCC).

Contact Information

Citigroup Global Markets Inc
390 Greenwich St
New York, NY 10013
212-723-6252

Merrill Lynch, Pierce, Fenner & Smith
One Bryant Park, 4th Floor, Mail Code: NY1-100-04-00
New York, NY 10036
(646) 855-6333

American Express Credit Corporation
200 Vesey Street, Mail Code: 01-47-01
New York, NY 10285
(866) 572-4944

Issuer Filings with the SEC

Credit Ratings and Analysts

Unit/Instrument Moody's S&P Fitch
American Express Company (AXP) Long Term A3 BBB+ A
Short Term N/R A-2 F1
Outlook Stable Stable Stable
American Express Travel Related Services (TRS) Senior L/T A2 A- A
Short Term N/R N/R F1
Outlook Stable Stable Stable
American Express National Bank (AENB) Long Term A3 A- A
Short Term P-1 A-2 F1
Outlook Stable Stable Stable
American Express Credit Corporation (Credco) Senior L/T A2 A- A
Short Term P-1 A-2 F1
Outlook Stable Stable Stable
American Express Canada Credit Corporation (AECCC) Long Term N/R N/R A
Outlook N/R N/R Stable

Credit Analysts

Firm

Fitch Ratings
http://www.fitchratings.com

Primary Contacts

Michael Taiano
One State Street Plaza
New York, NY 10004
646-582-4956
michael.taiano@fitchratings.com

ABS-Specific Contacts

Herman Poon
One State Street Plaza
New York, NY 10004
212-908-0847
herman.poon@fitchratings.com

Moody's
www.moodys.com

Warren Kornfeld
7 World Trade Center
250 Greenwich Street
New York, NY 10007
212-553-1474
clientservices@moodys.com

Alan Birnbaum
7 World Trade Center
250 Greenwich Street
New York, NY 10007
212-553-1979
alan.birnbaum@moodys.com clientservices@moodys.com

Rian Pressman
55 Water Street
New York, NY 10041
212-438-2574
Rian.pressman@spglobal.com

Ildiko Szilank
55 Water Street
New York, NY 10041
212-438-2614
ildiko_szilank@standardandpoors.com