American Express Master Trust 1992-1, a special-purpose company, is marketing $1 billion of bonds backed by charge card receivables via Lehman Brothers International.

The bonds are split into two $500 million tranches. The five-year bonds are expected to be priced to yield 42 to 45 basis points above Treasuries and the seven-year bonds at between 45 to 47 basis points over Treasuries.

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