National Westminster

National Westminster Bank PLC is issuing 8 million shares of preferred stock to raise $200 million in Tier 1 risk-based capital. Initial indications are that the deal, which will be lead managed by Merrill Lynch & Co., will be priced with a dividend of roughly 10.75%.

Separately, Mellon Bank Corp. filed a shelf registration to issue up to $200 million in perpetual preferred stock.

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