By Andrea Heisinger
New York, March 4 - The Bank of New York Mellon Corp. sold $1.5 billion of notes (Aa3/A+/AA-) in four tranches, a source close to the trade said.
There was $300 million of three-year floating-rate notes sold at par to yield Libor plus 23 basis points. Talk was at the Libor equivalent of the three-year fixed-rate bond.
A $300 million tranche of 0.7% three-year notes priced at 99.941 to yield 0.72% with a spread of Treasuries plus 38 bps. Talk was in the 50 bps area.
The $600 million of 1.35% five-year notes was sold at 99.971 to yield 1.356% with a spread of Treasuries plus 60 bps. Guidance was in the low 70 bps area.
Finally, there was a $300 million tranche of five-year floaters priced at par to yield Libor plus 44 bps.
Barclays, BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. were the bookrunners.
Bank of New York Mellon was last in the U.S. bond market with a $1.5 billion sale in three tranches on Oct. 18, 2012. That offering included a 0.7% three-year note priced at 33 bps over Treasuries and a 1.3% five-year note sold at 55 bps over Treasuries.
The financial services company is based in New York City.
| Issuer: | Bank of New York Mellon Corp.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays, BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Trade date: | March 4
|
| Settlement date: | March 6
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | March 4, 2016
|
| Coupon: | Libor plus 23 bps
|
| Price: | Par
|
| Yield: | Libor plus 23 bps
|
| Call: | Non-callable
|
| Price talk: | Libor equivalent of three-year fixed-rate notes
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $300 million
|
| Maturity: | March 4, 2016
|
| Coupon: | 0.7%
|
| Price: | 99.941
|
| Yield: | 0.72%
|
| Spread: | Treasuries plus 38 bps
|
| Call: | Non-callable
|
| Price talk: | 50 bps area
|
|
|
| Five-year floaters
|
| Amount: | $300 million
|
| Maturity: | March 6, 2018
|
| Coupon: | Libor plus 44 bps
|
| Price: | Par
|
| Yield: | Libor plus 44 bps
|
| Call: | Non-callable
|
|
|
| Five-year fixed-rate notes
|
| Amount: | $600 million
|
| Maturity: | March 6, 2018
|
| Coupon: | 1.35%
|
| Price: | 99.971
|
| Yield: | 1.356%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Non-callable
|
| Price talk: | Low 70 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
