By Marisa Wong and Cristal Cody
Los Angeles, April 20 – Bank of New York Mellon Corp. priced $1.7 billion of senior notes (A1/A/AA-/DBRS: AA) in three tranches on Tuesday, according to FWP filings with the Securities and Exchange Commission and a market source.
BNY Mellon priced $400 million of floating-rate notes due April 25, 2025 at par with a coupon of SOFR plus 62 basis points.
The other tranche due April 25, 2025 was $950 million of 3.35% notes priced at 99.986 to yield 3.355%, or a spread of 53 bps to Treasuries. Initial price talk for the 2025 notes was Treasuries plus 70 bps area.
The third tranche consisted of $350 million of 3.85% notes due April 26, 2029 priced at 99.903 to yield 3.866%, or a spread of 90 bps over Treasuries. The 2029 notes were talked in the Treasuries plus 100 bps area.
All three tranches feature par calls.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Loop Capital Markets LLC, RBC Capital Markets, LLC, Samuel A. Ramirez & Co., Inc., Siebert Williams Shank & Co., LLC and BNY Mellon Capital Markets, LLC are the bookrunners.
The investment bank is based in New York.
| Issuer: | Bank of New York Mellon Corp.
|
| Amount: | $1.7 billion
|
| Issue: | Senior medium-term notes, series J
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Loop Capital Markets LLC, RBC Capital Markets, LLC, Samuel A. Ramirez & Co., Inc., Siebert Williams Shank & Co., LLC and BNY Mellon Capital Markets, LLC
|
| Co-managers: | TD Securities (USA) LLC, Commonwealth Bank of Australia and Jefferies LLC
|
| Trade date: | April 19
|
| Settlement date: | April 26
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
|
| DBRS: AA
|
| Distribution: | SEC registered
|
|
|
| Floaters
|
| Amount: | $400 million
|
| Maturity: | April 25, 2025
|
| Coupon: | SOFR plus 62 bps
|
| Price: | Par
|
| Yield: | SOFR plus 62 bps
|
| Call option: | In whole or in part at par beginning March 25, 2025
|
| Cusip: | 06406RBE6
|
|
|
| 2025 notes
|
| Amount: | $950 million
|
| Maturity: | April 25, 2025
|
| Coupon: | 3.35%
|
| Price: | 99.986
|
| Yield: | 3.355%
|
| Spread: | Treasuries plus 53 bps
|
| Call option: | In whole or in part at par beginning March 25, 2025
|
| Price talk: | Treasuries plus 70 bps area
|
| Cusip: | 06406RBC0
|
|
|
| 2029 notes
|
| Amount: | $350 million
|
| Maturity: | April 26, 2029
|
| Coupon: | 3.85%
|
| Price: | 99.903
|
| Yield: | 3.866%
|
| Spread: | Treasuries plus 90 bps
|
| Call option: | In whole or in part at par beginning Feb. 26, 2029
|
| Price talk: | Treasuries plus 100 bps area
|
| Cusip: | 06406RBD8
|
|
|
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