UPDATE: American Express Credit's Bond Raised To $2 Billion From $1 Billion

American Express Credit Corp.'s bond has been increased in size to $2 billion from an original $1 billion.

The five-year bond, rated A2/BBB+/A+, is scheduled to price later Wednesday.

Hewlett-Packard Co.'s (HPQ) bond, which is $3 billion in size, has launched and is also scheduled to price later Wednesday, according to sources familiar with the matter.

The two-year floating rate tranche of H-P's bond has launched at 12.5 basis points over three-month London interbank offered rate, or Libor. Guidance was in the 15 basis points over three-month Libor range.

The three-year fixed rate tranche has launched at 50 basis points over three-month Libor, in line with guidance, and the five-year tranche has launched at 70 basis over three-month Libor, also in line with guidance.

The bond, rated A2/A/A, is scheduled to price later Wednesday.

Meanwhile, Goodrich Corp.'s (GR) bond has been increased in size to $600 million from an original $500 million. It has guidance in the range of 100 to 105 basis points over Treasuries.

The bond, rated Baa2/BBB+/BBB+, is also scheduled to price later Wednesday.

A spurt of issuance in the high-grade market has investors vying to buy these deals and many are oversubscribed, said Patrick Sporl, a senior portfolio manager at American Beacon Advisors in Fort Worth, Texas.

"Investors definitely have more money than companies need," Sporl said. "All the deals are heavily oversubscribed."

More than $15 billion in new bonds has surfaced Wednesday, right after a $14 billion issuance day on Tuesday.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com

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