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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 0258M0EK1/US0258M0EK14 Fixed 2019 1.875% Fixed Rate Senior Notes Due May 3, 2019 Icon Icon
Credco 0258M0EJ4/US0258M0EJ41 Floating 2019 Floating Rate Senior Notes Due May 3, 2019 Icon Icon
AXP 025816BB4/US025816BB49 Fixed 2019 8.125% Notes Due May 20, 2019 Icon Icon
Credco 0258M0DQ9/US0258M0DQ92 Floating 2019 Floating Rate Senior Notes Due August 15, 2019 Icon Icon
Credco 0258M0DP1/US0258M0DP10 Fixed 2019 2.250% Fixed Rate Senior Notes Due August 15, 2019 Icon Icon
Credco 0258M0ED7/US0258M0ED70 Floating 2019 Floating Rate Senior Notes Due October 30, 2019 Icon Icon
Credco 0258M0EC9/US0258M0EC97 Fixed 2019 1.700% Fixed Rate Senior Notes Due October 30, 2019 Icon Icon
Credco 0258M0EE5/US0258M0EE53 Fixed 2020 2.200% Fixed Rate Senior Notes Due March 3, 2020 Icon Icon
Credco 0258M0EF2/US0258M0EF29 Floating 2020 Floating Rate Senior Notes Due March 3, 2020 Icon Icon
Credco 0258M0DU0/US0258M0DU05 Floating 2020 Floating Rate Senior Notes Due May 26, 2020 Icon Icon
Credco 0258M0DT3/US0258M0DT32 Fixed 2020 2.375% Fixed Rate Senior Notes Due May 26, 2020 Icon Icon
Credco 0258M0DX4/US0258M0DX44 Fixed 2020 2.600% Fixed Rate Senior Notes Due September 14, 2020 Icon Icon
Credco 0258M0DY2/US0258M0DY27 Floating 2020 Floating Rate Senior Notes Due September 14, 2020 Icon Icon
AXP 025816BQ1/US025816BQ18 Floating 2020 Floating Rate Notes Due October 30, 2020 Icon Icon
AXP 025816BP3/US025816BP35 Fixed 2020 2.200% Notes Due October 30, 2020 Icon Icon
Credco 0258M0EB1/US0258M0EB15 Fixed 2021 2.250% Fixed Rate Senior Notes Due May 5, 2021 Icon Icon
AXP 025816BV0/US025816BV03 Floating 2021 Floating Rate Notes Due May 17, 2021 Icon Icon
AXP 025816BU2/US025816BU20 Fixed 2021 3.375% Notes Due May 17, 2021 Icon Icon
Credco 025818KC8/XS1521058518 Fixed 2021 0.625% Senior Notes due November 22, 2021 Icon Icon
AXP 025816BY4/US025816BY42 Fixed 2021 3.700% Notes Due November 5, 2021 Icon Icon
AXP 025816BZ1/US025816BZ17 Floating 2021 Floating Rate Notes Due November 5, 2021 Icon Icon
AXP 025816CB3/US025816CB30 Fixed 2021 3.000% Notes Due February 22, 2021 Icon Icon
Credco 0258M0EH8/US0258M0EH84 Floating 2022 Floating Rate Senior Notes Due March 3, 2022 Icon Icon
Credco 0258M0EG0/US0258M0EG02 Fixed 2022 2.700% Fixed Rate Senior Notes Due March 3, 2022 Icon Icon
Credco 025816BN8/US025816BN86 Floating 2022 Floating Rate Notes Due August 1, 2022 Icon Icon
AXP 025816BM0/US025816BM04 Fixed 2022 2.500% Notes Due August 1, 2022 Icon Icon
AXP 025816BT5/US025816BT56 Floating 2023 Floating Rate Notes Due February 27, 2023 Icon Icon
AXP 025816BS7/US025816BS73 Fixed 2023 3.400% Notes Due February 27, 2023 Icon Icon
AXP 025816BX6/US025816BX68 Floating 2023 Floating Rate Notes Due August 3, 2023 Icon Icon
AXP 025816BW8/US025816BW85 Fixed 2023 3.700% Notes Due August 3, 2023 Icon Icon
AXP 025816CK3/US025816CK39 Fixed 2023 0.750% Fixed Rate Senior Notes Due November 3, 2023 Icon Icon
AXP 025816CJ6/US025816CJ65 Floating 2023 Floating Senior Notes Due November 3, 2023 Icon Icon
AXP 025816CV9/US025816CV93 Fixed 2024 3.375% Fixed Rate Senior Notes Due May 3, 2024 Icon Icon
AXP 025816CU1/US025816CU11 Floating 2024 Floating Senior Notes Due May 3, 2024 Icon Icon
AXP 025816BR9/US025816BR90 Fixed 2024 3.000% Notes Due October 30, 2024 Icon Icon
AXP 025816BK4/US025816BK48 Fixed 2024 3.625% Subordinated Notes due December 5, 2024 Icon Icon
AXP 025816CC1/US025816CC13 Fixed 2024 3.4000% Notes Due February 22, 2024 Icon Icon
AXP 025816CA5/US025816CA56 Fixed 2025 4.200% Notes Due November 6, 2025 Icon Icon
AXP 025816CQ0/US025816CQ09 Fixed 2025 2.250% Fixed Rate Senor Notes Due March 4, 2025 Icon Icon
AXP 025816CR8/US025816CR81 Floating 2025 Floating Senior Notes Due March 4, 2025 Icon Icon
AXP 025816CY3/US025816CY33 Fixed 2025 3.950% Fixed Rate Senior Notes Due August 1, 2025 Icon Icon
AXP 025816DL0/US025816DL03 Fixed-to-Floating 2026 6.338% Fixed to Floating Rate Senior Notes Due October 30, 2026 Icon Icon
AXP 025816DM8/US025816DM85 Floating 2026 Floating Rate Senior Notes Due October 30, 2026 Icon Icon
AXP 025816DC0/US025816DC04 Fixed 2026 4.900% Fixed Rate Senior Notes Due February 13, 2026 Icon Icon
AXP 025816DD8/US025816DD86 Floating 2026 Floating Senior Notes Due February 13, 2026 Icon Icon
AXP 025816CM9/US025816CM94 Fixed 2026 1.650% Fixed Rate Senior Notes Due November 4, 2026 Icon Icon
AXP 025816CL1/US025816CL12 Floating 2026 Floating Senior Notes Due November 4, 2026 Icon Icon
AXP 025816DE6/US025816DE69 Fixed-to-Floating 2026 4.990% Fixed-to-Floating Rate Notes Due May 1, 2026 Icon Icon
AXP 025816DG1/US025816DG18 Fixed-to-Floating 2027 5.389% Fixed-to-Floating Senior Notes Due July 28, 2027 Icon Icon
AXP 025816DJ5/US025816DJ56 Floating 2027 Floating Senior Notes Due July 28, 2027 Icon Icon
AXP 025816CN7/US025816CN77 Fixed 2027 3.300% Fixed Rate Senior Notes Due May 3, 2027 Icon Icon Icon
AXP 025816CS6/US025816CS64 Fixed 2027 2.550% Fixed Rate Senior Notes Due March 4, 2027 Icon Icon
AXP 025816DB2/US025816DB21 Fixed 2027 5.850% Fixed Rate Senior Notes Due November 5, 2027 Icon Icon
AXP 025816 DH9/US025816DH90 Fixed-to-Floating 2029 5.282% Fixed-to-Floating Senior Notes Due July 27, 2029 Icon Icon
AXP 025816CW7/US025816CW76 Fixed 2029 4.050% Fixed Rate ESG Notes Due May 3, 2029 Icon Icon
AXP 025816DN6/US025816DN68 Fixed-to-Floating 2031 6.489% Fixed to Floating Rate Senior Notes Due October 30,2031 Icon Icon
AXP 025816CX5/US025816CX59 Fixed-to-Floating 2033 4.989% Fixed-to-Floating Subordinated Notes Due May 26, 2033 Icon Icon
AXP 025816DA4/US025816DA48 Fixed-to-Floating 2033 4.420% Fixed-to-Floating Senior Notes Due August 3, 2033 Icon Icon
AXP 025816DK2/US025816DK20 Fixed-to-Floating 2034 5.625% Fixed-to-Floating Subordinated Notes Due July 28, 2034 Icon Icon
AXP 025816DF3/US025816DF35 Fixed-to-Floating 2034 5.043% Fixed-to-Floating Rate Notes Due May 1, 2034 Icon Icon
AXP 025816CH0/US025816CH00 Fixed Reset 2099 3.550% 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 Travel Related Services Company, Inc (TRS)

Offering

American Express Travel Related Services Company, Inc 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 Travel Related Services Company, Inc Short-term P-1 A-2 F1
Outlook Stable Stable Stable

*Prospective investors should verify ratings prior to each investment

Distribution

American Express Travel Related Services Company, Inc distributes its commercial paper through Citigroup Global Markets Inc and BofA Securities, Inc 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) 723-6364 or BofA Securities, Inc at (646) 855-633.

Settlement

American Express Travel Related Services Company, Inc 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
388 Greenwich Street, Trading Building, 6th Floor,
New York, NY 10013
(212) 723-6364

BofA Securities, Inc
One Bryant Park, 4th Floor, Mail Code: NY1-100-04-00
New York, NY 10036
(646) 855-633

American Express Travel Related Services Company, Inc
200 Vesey Street, Mail Code: 01-47-01
New York, NY 10285
(212) 640-4967

ESG Financing

Date Format

Credit Ratings and Analysts

Unit/Instrument
Moody's S&P Fitch
American Express Company
Long Term A2 BBB+ A
Short Term N/R A-2 F1
Outlook Stable Stable Stable
American Express Travel Related Services Company, Inc.
Long Term
A2 A- A
Short Term P-1 A-2 F1
Outlook Stable Stable Stable
American Express National Bank
Long Term A3 A- A
Short Term P-1 A-2 F1
Outlook Stable Stable Stable
American Express Credit Corporation
Long Term
A2 A- A
Short Term N/R N/R N/R
Outlook Stable Stable Stable

Credit Analysts

Firm

Fitch Ratings
http://www.fitchratings.com

Primary Contacts

Heather L. Hunt
Hearst Tower
300 West 57th St.
New York, NY 10019

ABS-Specific Contacts

Herman Poon
One State Street Plaza
New York, NY 10004

Moody's
www.moodys.com

Warren Kornfeld
7 World Trade Center
250 Greenwich Street
New York, NY 10007

Alan Birnbaum
7 World Trade Center
250 Greenwich Street
New York, NY 10007

Michal Selbka
55 Water Street
New York, NY 10041

Ildiko Szilank
55 Water Street
New York, NY 10041