BNY Mellon Issues Preferred Capital Securities
Ticker: BK-PK · Form: 8-K · Filed: Jul 22, 2024 · CIK: 1390777
| Field | Detail |
|---|---|
| Company | Bank Of New York Mellon Corp (BK-PK) |
| Form Type | 8-K |
| Filed Date | Jul 22, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $600,000,000, $300,000,000, $1,100,000,000, $500,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: capital-raise, preferred-stock, debt-issuance
Related Tickers: BK
TL;DR
BNY Mellon just dropped new preferred stock, fully guaranteed. Raising cash.
AI Summary
On July 22, 2024, The Bank of New York Mellon Corporation (BNY Mellon) filed an 8-K to report the issuance of its 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities. These securities are fully and unconditionally guaranteed by The Bank of New York Mellon Corporation.
Why It Matters
This filing indicates BNY Mellon is raising capital through preferred securities, which can impact its capital structure and financial leverage.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a capital raise and does not indicate any immediate operational or financial distress.
Key Numbers
- 6.244% — Interest Rate (Fixed rate for the newly issued preferred capital securities)
Key Players & Entities
- The Bank of New York Mellon Corporation (company) — Registrant and Guarantor
- 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities (security) — Newly Issued Securities
- July 22, 2024 (date) — Date of Report
FAQ
What is the total principal amount of the preferred capital securities issued?
The filing does not specify the total principal amount of the 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities issued.
What is the maturity date of these preferred securities?
The filing does not state the maturity date of the 6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities.
What is the purpose of issuing these preferred capital securities?
The filing does not explicitly state the purpose for the issuance of these securities, but it is a form of capital raising.
Are there any specific conditions or covenants associated with the guarantee from The Bank of New York Mellon Corporation?
The filing states the guarantee is 'fully and unconditionally,' implying no specific conditions are detailed in this summary.
When did the fixed-to-floating rate conversion begin for these securities?
The filing does not specify when the conversion from a fixed to a floating rate will occur.
Filing Stats: 629 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-07-22 17:14:03
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value BK New York Stock Exchang
- $600,000,000 — k of New York Mellon Corporation issued $600,000,000 aggregate principal amount of its 4.890
- $300,000,000 — 028 Fixed Rate / Floating Rate Notes"), $300,000,000 aggregate principal amount of its Float
- $1,100,000,000 — 2028 (the "2028 Floating Rate Notes"), $1,100,000,000 aggregate principal amount of its 5.060
- $500,000,000 — Fixed Rate / Floating Rate Notes") and $500,000,000 aggregate principal amount of its 5.606
Filing Documents
- d838378d8k.htm (8-K) — 29KB
- d838378dex51.htm (EX-5.1) — 7KB
- 0001193125-24-182287.txt ( ) — 190KB
- bk-20240722.xsd (EX-101.SCH) — 4KB
- bk-20240722_def.xml (EX-101.DEF) — 13KB
- bk-20240722_lab.xml (EX-101.LAB) — 21KB
- bk-20240722_pre.xml (EX-101.PRE) — 14KB
- d838378d8k_htm.xml (XML) — 6KB
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS. (d) EXHIBITS Exhibit Number Description 5.1 Opinion of Sullivan & Cromwell LLP 23.1 Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document 2
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: July 22, 2024 By: /s/ Jean Weng Name: Jean Weng Title: Secretary 3