LONDON, June 10, 2011 — BNY Mellon Corporate Trust has been appointed by Kabel BW, to provide corporate trust services for its €2.3bn high yield bond, one of the biggest deals of its type since the start of 2011.
BNY Mellon will provide trustee, paying agent, registrar, transfer agency and Luxembourg listing services to Kabel BW which is a leading provider of triple-play services (TV, Internet, Telephony) in the southwest of Germany.
James Maitland, international Corporate Trust executive at BNY Mellon said: "The European high-yield bond market is set to reach a new level of growth this year, as Basel III regulations make banks focus on capital requirements. This coupled with underlying low interest rates are the cause of the rise of high-yield issuance as investors have moved into higher-returning assets. Our appointment on this issuance underscores our expertise in this market sector."
BNY Mellon Corporate Trust services $11.9 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source The Bank of New York Mellon as at 31 March 2011 unless otherwise stated. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL