Bank of New York Mellon prices $1.25 billion offering of preferred depositary shares

The Bank of New York Mellon Corporation said on October 19, 2026, that it priced an underwritten public offering of 1,250,000 depositary shares. Each depositary share represents a 1/100th interest in a share of its Series O Noncumulative Perpetual Preferred Stock. The public offering price is $1,000 per depositary share, or $1.25 billion in aggregate.

Dividends accrue at 7.125% per year on the $100,000 liquidation amount per preferred share ($1,000 per depositary share) from the original issue date to, but excluding, December 20, 2031. From December 20, 2031, the rate resets to the five-year treasury rate as of the most recent reset dividend determination date plus 2.192%.

Dividends are paid only when, as and if declared by the company's board of directors or a duly authorized committee of the board, and only to the extent the company has legally available funds to pay them.

According to the company, the Series O preferred stock may be redeemed at its option, in whole or in part, on December 20, 2031, or on any dividend payment date after that. The redemption price is $100,000 per share ($1,000 per depositary share), plus declared and unpaid dividends, without accumulation of undeclared dividends.

Barclays Capital Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering. Bank of New York Mellon said the offering is expected to close on October 28, 2026.