Published on 1/23/2018 in the Prospect News Investment Grade Daily.
New Issue: Bank of New York Mellon details $1.75 billion two-part notes issuance
By Devika Patel
Knoxville, Tenn., Jan. 23 – Bank of New York Mellon Corp. offered further details about a $1.75 billion sale of series J senior medium-term notes (A1/A/AA-) that priced in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
The bank sold $1 billion of 2.95% five-year notes on the tight side of guidance at a spread of 53 basis points over Treasuries. These notes priced at 99.848 to yield 2.983%.
Bank of New York Mellon placed $750 million of 3.4% 10-year notes at a Treasuries plus 75 bps spread. The notes priced on the tight side of talk. These notes priced at 99.95 to yield 3.406%.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, 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.
|
| Amount: | $1.75 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and BNY Mellon Capital Markets LLC
|
| Co-managers: | BMO Capital Markets Corp., Piper Jaffray & Co., SMBC Nikko Securities America, Inc., Unicredit Capital Markets LLC, Westpac Capital Markets, LLC, Great Pacific Securities and Tribal Capital Markets, LLC
|
| Trade date: | Jan. 22
|
| Settlement date: | Jan. 29
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 29, 2023
|
| Coupon: | 2.95%
|
| Price: | 99.848
|
| Yield: | 2.983%
|
| Spread: | Treasuries plus 53 bps
|
| Call: | Redeemable at par plus interest on or after Dec. 29, 2022
|
| Price guidance: | Treasuries plus 55 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 29, 2028
|
| Coupon: | 3.4%
|
| Price: | 99.95
|
| Yield: | 3.406%
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Redeemable at par plus interest on or after Oct. 29, 2027
|
| Price guidance: | Treasuries plus 77 bps area
|
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