An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
State Street Hires Veteran-Owned Firms to Underwrite 2027 Senior Notes Offering
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
State Street Corporation (NYSE: STT) has successfully issued $500 million in senior notes, employing a fixed-to-floating rate with a coupon of 1.684%. The offering, which closed on November 15, saw over 25% of the issuance underwritten by veteran-owned firms. This initiative highlights State Street's ongoing commitment to veterans and diversity in the financial services industry. CFO Eric Aboaf noted that this issuance marked their tightest spread on a senior bond issue to date, demonstrating strong performance and investor interest.
Positive
Successful issuance of $500 million in senior notes.
Over 25% of the notes were underwritten by veteran-owned firms.
Achieved tightest spread on a senior bond issue to date.
Negative
None.
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today that it worked with veteran-owned firms acting as bookrunners and co-managers to syndicate a $500 million senior note issuance. The offering, which closed yesterday, reinforces the firm’s commitment to veterans and their families and overall representation in the capital markets and broader financial services industry.
In this transaction, State Street issued fixed-to-floating rate senior notes at a coupon of 1.684 percent. State Street hired three veteran-owned firms to distribute the notes to investors, which priced on November 15. The full syndicate includes Morgan Stanley, Academy Securities, BofA Securities and Deutsche Bank Securities as joint book-running managers and Citigroup, Drexel-Hamilton, Lloyds Securities and Mischler Financial Group, Inc. as co-managers. State Street is proud that more than 25 percent of the notes were underwritten by veteran-owned firms.
“State Street is proud to support veterans through a variety of initiatives. Following our recognition of Veteran’s Day in the U.S. last week, we are pleased to announce this debt offering,” said Eric Aboaf, Chief Financial Officer of State Street Corporation. “Our partnership on this issuance with Academy, Mischler and Drexel Hamilton reinforces State Street’s commitment to veterans and their families. These firms played a valuable role in helping State Street achieve its tightest spread on a senior bond issue to date.”
“State Street has taken the next step in the evolution of including diverse firms in their banking group, by providing a military veteran owned firm the opportunity to serve in the role of joint bookrunner” said Chance Mims, CEO, Academy Securities. “The Team at Academy Securities is honored by State Street’s leadership on this front, and was thrilled to participate in support of the excellent outcome of their recent note offering. Academy Securities, as well as the military veteran community at large, benefits from State Street’s vision of delivering and leveraging different, complementary perspectives through its mission of Inclusion and Diversity. We are grateful for their continued partnership.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.3 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of September 30, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of September 30, 2021 includes approximately $60 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
