BNY Mellon Prices $6.244% Preferred Capital Securities
Ticker: BK-PK · Form: 8-K · Filed: Jun 28, 2024 · CIK: 1390777
| Field | Detail |
|---|---|
| Company | Bank Of New York Mellon Corp (BK-PK) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $0.42, $0.47 |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, capital-raise, debt-offering
Related Tickers: BK
TL;DR
BNY Mellon just priced a new preferred stock offering at 6.244%.
AI Summary
On June 28, 2024, The Bank of New York Mellon Corporation (BNY Mellon) announced the pricing of its 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities. These securities are issued by Mellon Capital IV and are fully and unconditionally guaranteed by BNY Mellon. The offering is expected to close on July 2, 2024.
Why It Matters
This issuance of preferred capital securities by BNY Mellon impacts its capital structure and may influence investor perception of its financial strength and risk profile.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a preferred stock issuance, which is a common capital-raising activity for financial institutions.
Key Numbers
- 6.244% — Interest Rate (Rate for the new preferred capital securities)
Key Players & Entities
- The Bank of New York Mellon Corporation (company) — Registrant
- Mellon Capital IV (company) — Issuer of securities
- 6.244% (dollar_amount) — Interest rate on preferred securities
- June 28, 2024 (date) — Date of report and pricing
- July 2, 2024 (date) — Expected closing date
FAQ
What is the specific purpose of issuing these preferred capital securities?
The filing does not explicitly state the specific purpose, but it is a common method for financial institutions to strengthen their capital base.
What is the maturity date of these securities?
The filing does not specify a maturity date for the 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities.
What are the terms of the guarantee provided by The Bank of New York Mellon Corporation?
The guarantee is described as 'fully and unconditionally guaranteed' by The Bank of New York Mellon Corporation.
Who is the underwriter for this offering?
The filing does not name the underwriter for this offering.
What is the expected impact on BNY Mellon's regulatory capital ratios?
The filing does not provide specific details on the impact to regulatory capital ratios, though preferred securities are typically designed to enhance capital.
Filing Stats: 808 words · 3 min read · ~3 pages · Grade level 14.2 · Accepted 2024-06-28 16:46:04
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value BK New York Stock Exchang
- $0.42 — common stock cash dividend by 12% from $0.42 to $0.47 per share, commencing as early
- $0.47 — tock cash dividend by 12% from $0.42 to $0.47 per share, commencing as early as the t
Filing Documents
- d827035d8k.htm (8-K) — 28KB
- 0001193125-24-172396.txt ( ) — 180KB
- bk-20240628.xsd (EX-101.SCH) — 4KB
- bk-20240628_def.xml (EX-101.DEF) — 13KB
- bk-20240628_lab.xml (EX-101.LAB) — 21KB
- bk-20240628_pre.xml (EX-101.PRE) — 14KB
- d827035d8k_htm.xml (XML) — 6KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The Bank of New York Mellon Corporation (Registrant) Date: June 28, 2024 By: /s/ Jean Weng Name: Jean Weng Title: Secretary