American Express Company filed a free writing prospectus on October 26, 2026, disclosing the pricing terms of a $3,000,000,000 three-tranche senior unsecured note offering comprising two fixed-to-floating rate tranches and one floating rate tranche, with settlement expected on October 30, 2026.

Key Highlights

  • Total offering size: $3,000,000,000 across three tranches, generating total net proceeds of $2,990,775,000 (before expenses), according to the filing.
  • Tranche 1: $1,500,000,000 of 5.447% Fixed-to-Floating Rate Notes due October 30, 2030, priced at 100.000% with net proceeds of $1,496,250,000 (before expenses).
  • Tranche 2: $1,150,000,000 of 5.817% Fixed-to-Floating Rate Notes due October 27, 2034, priced at 100.000% with net proceeds of $1,145,400,000 (before expenses).
  • Tranche 3: $350,000,000 of Floating Rate Notes due October 30, 2030, priced at 100.000% at Compounded SOFR plus 85 basis points, with net proceeds of $349,125,000 (before expenses).
  • Expected ratings: A2/A-/A (Stable/Stable/Stable) from Moody's, S&P, and Fitch, as stated in the filing.
  • Use of proceeds: The filing states the issuer intends to use net proceeds for general corporate purposes.
  • Notes will not be listed on any exchange, per the filing.

American Express $3 Billion Note Offering: Pricing and Structural Details

According to the free writing prospectus filed pursuant to Rule 433 under Registration No. 333-276975, American Express Company priced three tranches of senior unsecured notes on October 26, 2026, with settlement set for October 30, 2026 (T+4). The filing notes that because the notes initially settle in T+4, purchasers wishing to trade prior to one business day before delivery will need to specify alternative settlement arrangements to prevent a failed settlement.

The first tranche, $1,500,000,000 of 5.447% Fixed-to-Floating Rate Notes due October 30, 2030, was priced at a re-offer spread of 67 basis points over the benchmark UST 4.875% due October 15, 2029, which carried a price and yield of 100-08+ and 4.777%. The notes will bear interest at 5.447% per annum during the fixed rate period from the settlement date through October 30, 2029, then switch to Compounded SOFR plus 0.846% for the remaining floating rate period to maturity. The underwriters' discount is 0.250%. The second tranche, $1,150,000,000 of 5.817% Fixed-to-Floating Rate Notes due October 27, 2034, was priced at a re-offer spread of 92 basis points over the benchmark UST 5.00% due September 30, 2033 (100-19; 4.897%). The fixed rate of 5.817% applies through October 27, 2033, after which the rate converts to Compounded SOFR plus 1.231%. The underwriters' discount for this tranche is 0.400%.

The third tranche, $350,000,000 of Floating Rate Notes due October 30, 2030, pays Compounded SOFR plus 85 basis points on a quarterly basis, with an underwriters' discount of 0.250%. Each tranche has an optional par call redemption feature. The filing names Citigroup Global Markets Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., TD Securities (USA) LLC, and Wells Fargo Securities, LLC as joint book-running managers. The Bank of New York Mellon is designated as calculation agent.

What Was Disclosed

American Express Company disclosed the full pricing terms, interest rate structures, redemption provisions, CUSIP and ISIN identifiers, and underwriter information for a $3,000,000,000 three-tranche senior unsecured note offering traded and priced on October 26, 2026, settling October 30, 2026.