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Half a billion dollars of new bank capital went to market on July 16, 2026, when The Bank of New York Mellon Corporation priced a public offering of depositary shares.
A depositary share is a tradeable certificate that gives its holder a fractional interest in a preferred stock share, a structure designed to let investors access preferred equity at smaller denominations than the underlying share itself.
BNY (NYSE: BNY), a global financial services company, offered 500,000 of these certificates, each carrying a 1/100th interest in one share of preferred stock, for a total offering of $500 million.
How the structure works Preferred stock occupies a specific place in a company's capital structure.
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