American Express Co. sold $1.2 billion of bonds backed by credit card payments at record yields over benchmark rates, according to people familiar with the transactions.

The company sold $568 million of bonds maturing in five years, the sources said last week; the triple-A portion was priced to yield 160 basis points more than the one-month London interbank offered rate. The sources asked not to be identified, because the terms have not been announced.

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