8-KOther EventsExhibits & Filings

Bank of New York Mellon Corp 8-K Report, Corporate Update (Jul 26, 2022)

Filed July 26, 2022For Securities:BKBK-PKBNYBNY-PK

Summary

The Bank of New York Mellon Corporation (BK) has filed an 8-K report detailing the issuance of senior medium-term notes. Specifically, the company issued $1.25 billion of 4.414% Fixed Rate / Floating Rate Callable Senior Medium-Term Notes Series J due 2026 and $500 million of 4.596% Fixed Rate / Floating Rate Callable Senior Medium-Term Notes Series J due 2030, totaling $1.75 billion in aggregate principal amount. These notes were registered under the Securities Act of 1933 via a Form S-3 registration statement. The issuance of these notes indicates BK's proactive approach to managing its capital structure and funding needs. Investors should note the fixed-to-floating rate structure and callability features, which may affect the yield and duration depending on future interest rate movements.

Key Highlights

  • 1BK issued $1.75 billion in senior medium-term notes.
  • 2The issuance includes $1.25 billion of notes due 2026 at a 4.414% fixed rate.
  • 3The issuance also includes $500 million of notes due 2030 at a 4.596% fixed rate.
  • 4Both tranches of notes are callable and feature a fixed-to-floating rate structure.
  • 5The notes were registered under the Securities Act of 1933 through a Form S-3 registration statement.
  • 6The filing includes legal opinions and consents related to the note issuance.

Frequently Asked Questions

This 8-K filing announces the issuance of new senior medium-term notes by The Bank of New York Mellon Corporation. It provides details about the principal amounts, interest rates, maturity dates, and registration of these debt securities.

BK issued $1.25 billion in 4.414% notes due 2026 and $500 million in 4.596% notes due 2030. Both series are callable and have a fixed rate that can convert to a floating rate.

The issuance of these notes raises capital for BK, which can be used for various corporate purposes such as funding operations, general corporate needs, or enhancing its capital structure. The fixed-to-floating rate feature and callability offer BK flexibility in managing its interest expense based on market conditions.

The filing incorporates by reference Exhibits 5.1 and 23.1, which contain the opinion of Sullivan & Cromwell LLP regarding the legality of the issuance and their consent, respectively. These documents provide assurance on the legal validity of the notes.