| Schedule of Stock by Class |
The table below presents a summary of perpetual preferred stock outstanding at December 31, 2015.
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Preferred Stock Summary |
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(Dollars in millions, except as noted) |
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Series |
Description |
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Initial
Issuance
Date |
|
Total
Shares
Outstanding |
|
Liquidation
Preference
per Share
(in dollars) |
|
Carrying
Value (1)
|
|
Per Annum
Dividend Rate |
|
Redemption Period (2)
|
Series B |
7% Cumulative Redeemable |
|
June
1997 |
|
7,571 |
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$ |
100 |
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$ |
1 |
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7.00 |
% |
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n/a |
Series D (3)
|
6.204% Non-Cumulative |
|
September
2006 |
|
26,174 |
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25,000 |
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|
654 |
|
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6.204 |
% |
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On or after
September 14, 2011 |
Series E (3)
|
Floating Rate Non-Cumulative |
|
November
2006 |
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12,691 |
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25,000 |
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317 |
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3-mo. LIBOR + 35 bps (4)
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On or after
November 15, 2011 |
Series F |
Floating Rate Non-Cumulative |
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March
2012 |
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1,409 |
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100,000 |
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141 |
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3-mo. LIBOR + 40 bps (4)
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On or after
March 15, 2012 |
Series G |
Adjustable Rate Non-Cumulative |
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March
2012 |
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4,926 |
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100,000 |
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493 |
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3-mo. LIBOR + 40 bps (4)
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On or after
March 15, 2012 |
Series I (3)
|
6.625% Non-Cumulative |
|
September
2007 |
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14,584 |
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25,000 |
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365 |
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6.625 |
% |
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On or after
October 1, 2017 |
Series K (5)
|
Fixed-to-Floating Rate Non-Cumulative |
|
January
2008 |
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61,773 |
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25,000 |
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1,544 |
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8.00% to, but excluding, 1/30/18;
3-mo. LIBOR + 363 bps thereafter |
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On or after
January 30, 2018 |
Series L |
7.25% Non-Cumulative Perpetual Convertible |
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January
2008 |
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3,080,182 |
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1,000 |
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3,080 |
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7.25 |
% |
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n/a |
Series M (5)
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Fixed-to-Floating Rate Non-Cumulative |
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April
2008 |
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52,399 |
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25,000 |
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1,310 |
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8.125% to, but excluding, 5/15/18;
3-mo. LIBOR + 364 bps thereafter |
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On or after
May 15, 2018 |
Series T |
6% Non-Cumulative |
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September
2011 |
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50,000 |
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100,000 |
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2,918 |
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6.00 |
% |
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See description in
Preferred Stock in this Note |
Series U (5)
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Fixed-to-Floating Rate Non-Cumulative |
|
May
2013 |
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40,000 |
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25,000 |
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1,000 |
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5.2% to, but excluding, 6/1/23;
3-mo. LIBOR + 313.5 bps thereafter |
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On or after
June 1, 2023 |
Series V (5)
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Fixed-to-Floating Rate Non-Cumulative |
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June
2014 |
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60,000 |
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25,000 |
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1,500 |
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5.125% to, but excluding, 6/17/19;
3-mo. LIBOR + 338.7 bps thereafter |
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On or after
June 17, 2019 |
Series W (3)
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6.625% Non-Cumulative |
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September
2014
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44,000 |
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25,000 |
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1,100 |
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6.625 |
% |
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On or after
September 9, 2019 |
Series X (5)
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Fixed-to-Floating Rate Non-Cumulative |
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September
2014
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80,000 |
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25,000 |
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2,000 |
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6.250% to, but excluding, 9/5/24;
3-mo. LIBOR + 370.5 bps thereafter |
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On or after
September 5, 2024 |
Series Y (3)
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6.500% Non-Cumulative |
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January
2015
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44,000 |
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25,000 |
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1,100 |
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6.500 |
% |
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On or after
January 27, 2020 |
Series Z (5)
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Fixed-to-Floating Rate Non-Cumulative |
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October
2014
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56,000 |
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25,000 |
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1,400 |
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6.500% to, but excluding, 10/23/24;
3-mo. LIBOR + 417.4 bps thereafter |
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On or after
October 23, 2024 |
Series AA (5)
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Fixed-to-Floating Rate Non-Cumulative |
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March
2015
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76,000 |
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25,000 |
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1,900 |
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6.100% to, but excluding, 3/17/25;
3-mo. LIBOR + 389.8 bps thereafter |
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On or after
March 17, 2025 |
Series 1 (6)
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Floating Rate Non-Cumulative |
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November
2004 |
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3,275 |
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30,000 |
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98 |
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3-mo. LIBOR + 75 bps (7)
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On or after
November 28, 2009 |
Series 2 (6)
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Floating Rate Non-Cumulative |
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March
2005 |
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9,967 |
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30,000 |
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299 |
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3-mo. LIBOR + 65 bps (7)
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On or after
November 28, 2009 |
Series 3 (6)
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6.375% Non-Cumulative |
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November
2005 |
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21,773 |
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30,000 |
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653 |
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6.375 |
% |
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On or after
November 28, 2010 |
Series 4 (6)
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Floating Rate Non-Cumulative |
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November
2005 |
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7,010 |
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30,000 |
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210 |
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3-mo. LIBOR + 75 bps (4)
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On or after
November 28, 2010 |
Series 5 (6)
|
Floating Rate Non-Cumulative |
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March
2007 |
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14,056 |
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30,000 |
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|
422 |
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3-mo. LIBOR + 50 bps (4)
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On or after
May 21, 2012 |
Total |
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3,767,790 |
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$ |
22,505 |
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(1) |
Amounts shown are before third-party issuance costs and certain book value adjustments of $232 million.
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(2) |
The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends. Series B and Series L Preferred Stock do not have early redemption/call rights. |
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(3) |
Ownership is held in the form of depositary shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
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(4) |
Subject to 4.00% minimum rate per annum.
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(5) |
Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the first redemption date at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter. |
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(6) |
Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. |
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(7) |
Subject to 3.00% minimum rate per annum.
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n/a = not applicable
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