American Express Credit Account Master Trust Issues Asset-Backed Certificates

What Happened

• The Trust (American Express Credit Account Master Trust) filed an 8-K reporting that American Express Receivables Financing Corporation III LLC (the Transferor) and American Express National Bank (AENB) entered an Underwriting Agreement on September 15, 2026, with Barclays, Mizuho Securities USA, RBC Capital Markets and Scotia Capital as lead underwriters for the offering.
• The Trust expects to issue Class A 4.99% Asset Backed Certificates, Series 2026-1, on or about the expected Closing Date of September 22, 2026. The Trust will also issue Class B 5.39% Asset Backed Certificates, Series 2026-1, which are expected to be purchased directly by the Transferor or an affiliate.

Key Details

• Underwriting Agreement dated September 15, 2026, among the Transferor, AENB and the underwriter representatives (Barclays, Mizuho, RBC, Scotia).
• Class A Certificates: 4.99% coupon; expected issuance on or about September 22, 2026 (Series 2026-1).
• Class B Certificates: 5.39% coupon; to be purchased by the Transferor or an affiliate (indicating retention of that tranche).
• Related filings/exhibits included: Series 2026-1 Supplement to the Pooling and Servicing Agreement (unexecuted copy), CEO certification under Form SF-3, and legal/tax opinions from Orrick, Herrington & Sutcliffe LLP.

Why It Matters

• This is a securitization funding event: the issuance converts card receivables into cash for the originator and creates marketable asset-backed certificates for investors.
• The stated coupon rates (4.99% for Class A, 5.39% for Class B) and the expected closing date give investors clarity on timing and yield structure for this Series 2026-1 offering.
• The Transferor’s purchase of the Class B tranche indicates the originator will retain a portion of the deal, which is commonly used to align interests between issuer and investors.
• Legal and tax opinions and the CEO certification are included to satisfy regulatory and offering requirements, supporting the planned issuance.