The Bank of New York Mellon Corporation issued 500,000 depositary shares representing 1/100th interest in shares of Series M Noncumulative Perpetual Preferred Stock with $100,000 liquidation preference per share on March 5, 2026, following an underwriting agreement dated February 26, 2026. This establishes restrictions on common stock dividends and repurchases if Series M dividends are not paid, and amends the Certificate of Designations filed March 4, 2026.
Key takeaways
Issued 500,000 Depositary Shares each representing 1/100th interest in Series M Preferred Stock on March 5, 2026
Series M Preferred Stock has $100,000 liquidation preference per share, par value $0.01
Initial dividend rate 5.625% until First Reset Date March 20, 2031, then Five-Year Treasury Rate + 2.034%
Underwriting Agreement dated February 26, 2026 with Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNY Mellon Capital Markets, LLC
Certificate of Designations filed March 4, 2026 with Delaware Secretary of State
Restrictions on common stock dividends/repurchases if Series M dividends not declared for preceding period