Published on 7/21/2021 in the Prospect News Investment Grade Daily.
New Issue: Bank of New York Mellon details $1 billion of notes due 2026, 2031
By Devika Patel
Knoxville, Tenn., July 21 – Bank of New York Mellon Corp. offered further details, including the price and yield, about a $1 billion sale of notes that priced in two equal parts on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The bank sold $500 million of 1.05% notes due Oct. 15, 2026 with a spread of 38 basis points over Treasuries. The notes had been talked initially in the 50 bps to 55 bps area. These notes priced at 99.924 to yield 1.065%.
A second tranche for $500 million of notes due July 28, 2031 priced at par to yield 1.8%, or Treasuries plus 58 bps, low to initial price talk in the Treasuries plus 70 bps to 75 bps area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and BNY Mellon Capital Markets LLC were the bookrunners.
Bank of New York Mellon is a financial products and services company based in New York.
Issuer: | Bank of New York Mellon Corp.
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Issue: | Notes
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Amount: | $1 billion
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Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and BNY Mellon Capital Markets LLC
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Co-managers: | Academy Securities Inc., Intesa Sanpaolo SpA, SG Americas Securities LLC, Blaylock Van, LLC and Stern Brothers & Co.
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Trade date: | July 20
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Settlement date: | July 27
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Distribution: | SEC registered
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2026 notes
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Amount: | $500 million
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Maturity: | Oct. 15, 2026
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Coupon: | 1.05%
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Price: | 99.924
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Yield: | 1.065%
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Spread: | Treasuries plus 38 bps
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Call: | Par call beginning on Sept. 15, 2026
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Price talk: | Treasuries plus 50 to 55 bps area
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2031 notes
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Amount: | $500 million
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Maturity: | July 28, 2031
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Coupon: | 1.8%
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Price: | Par
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Yield: | 1.8%
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Spread: | Treasuries plus 58 bps
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Call: | Par call beginning on April 28, 2031
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Price talk: | Treasuries plus 70 to 75 bps area
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