BNY Mellon Prices $500m Series M Preferred Shares at 5.625% Dividend
BNY Mellon priced a public offering of 500,000 depositary shares representing interests in its Series M preferred stock at $1,000 each, raising $500 million with a 5.625% dividend to March 20, 2031 and resetting to five-year Treasury +2.034% thereafter. It also declared distributions on its municipal bond closed-end funds.
1. $500m Series M Preferred Depositary Shares Offering
BNY Mellon launched an underwritten public offering of 500,000 depositary shares, each representing a 1/100th interest in a share of its Series M noncumulative perpetual preferred stock, at $1,000 per depositary share for an aggregate $500 million. Dividends accrue at 5.625% per annum from issuance until March 20, 2031, then reset to the five-year Treasury rate plus 2.034%; the shares are redeemable at par on or after March 20, 2031. Joint book-running managers include Barclays Capital, BofA Securities, Citigroup, Deutsche Bank and BNY Mellon Capital Markets, with closing expected on March 5, 2026. Net proceeds will be used for general corporate purposes.
2. Municipal Bond Closed-End Fund Distributions
BNY Mellon’s municipal bond closed-end funds have declared their latest distributions, providing ongoing cash returns to investors in the fund lineup. Specific per-share distribution amounts and payment dates have been issued through individual fund notices.