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American Express to offer bonds this week.

Global Banking News-28 April 2010-American Express to offer bonds this week(C)2010 ENPublishing -

Global Banking News - 28 April 2010(c)2005 - Electronic News Publishing -

American Express Co (NYSE: AXP) is to offer a credit card loan-based bond this week.

The company is offering a USD804.5m credit card loan-backed deal, its first new deal outside a Federal Reserve programme through which investors could procure loans to buy consumer loan-backed securities. The programme was called Term Asset-Backed Securities Loan Facility, or TALF, and ended last month.

The new bond is called AMXCA 2010-A and has two classes. A triple-A rated 2.94 year tranche is worth USD750m. Under TALF, the company had sold a USD1bn credit card loan-backed bond at 135 basis points over the one month London interbank offered rate in June. In September, it sold a USD1.25bn bond at 125 basis points over one month Libor.

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Publication:Global Banking News (GBN)
Date:Apr 28, 2010
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