Published on 4/24/2018 in the Prospect News Investment Grade Daily.
New Issue: Bank of New York Mellon details $1.25 billion two-part issue of notes
By Devika Patel
Knoxville, Tenn., April 24 – Bank of New York Mellon Corp. (A1/A/AA-) offered further details about a $1.25 billion sale of senior medium-term notes that priced in two tranches on top of guidance on Monday, according to an FWP filed with the Securities and Exchange Commission.
The bank sold $750 million of 3.5% five-year notes at a spread of Treasuries plus 70 basis points. These notes priced at 99.891 to yield 3.524%.
Bank of New York Mellon priced $500 million of 3.85% 10-year notes with a Treasuries plus 90 bps spread. These notes priced at 99.778 to yield 3.877%.
BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, 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.
|
| Amount: | $1.25 billion
|
| Securities: | Series J medium-term notes
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC and BNY Mellon Capital Markets LLC
|
| Co-managers: | HSBC Securities (USA) Inc., Jefferies & Co., Nomura Securities International, Inc., RBS Securities Inc., Santander Investment Securities Inc., Multi-Bank Securities, Inc. and Williams Capital Group LP
|
| Call feature: | None
|
| Trade date: | April 23
|
| Settlement date: | April 30
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | April 28, 2023
|
| Coupon: | 3.5%
|
| Price: | 99.891
|
| Yield: | 3.524%
|
| Spread: | Treasuries plus 70 bps
|
| Price guidance: | Treasuries plus 70 bps area
|
|
|
| 10-year notes
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| Amount: | $500 million
|
| Maturity: | April 28, 2028
|
| Coupon: | 3.85%
|
| Price: | 99.778
|
| Yield: | 3.877%
|
| Spread: | Treasuries plus 90 bps
|
| Price guidance: | Treasuries plus 90 bps area
|
|
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