Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
November 15 2021 - 5:39PM
Edgar (US Regulatory)
FILED PURSUANT TO RULE 433
REGISTRATION STATEMENT NO. 333-238861
DATED NOVEMBER 15, 2021
STATE STREET CORPORATION
$500,000,000 Fixed-to-Floating Rate Senior Notes due 2027
Pricing Term Sheet
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Issuer:
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State Street Corporation
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Security:
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Fixed-to-Floating Rate Senior Notes due 2027
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Aggregate Principal Amount:
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$500,000,000
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Trade Date:
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November 15, 2021
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Settlement Date*:
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November 18, 2021 (T + 3)
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Maturity Date:
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November 18, 2027
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Price to Public (Issue Price):
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100%
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Fixed Rate Benchmark Treasury:
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1.125% Notes due October 31, 2026
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Benchmark Treasury Price and Yield:
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99-12 1⁄4 ; 1.254%
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Fixed Rate Spread to Benchmark Treasury:
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+ 43 basis points
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Fixed Rate Period:
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From, and including, November 18, 2021, to, but excluding, November 18, 2026
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Floating Rate Period:
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From, and including, November 18, 2026, to, but excluding, the maturity date
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Fixed Rate Coupon:
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1.684%, payable semi-annually in arrears during the fixed rate period
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Floating Period Base Rate:
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SOFR (compounded daily over a quarterly interest payment period in accordance with the specific formula described in the Preliminary Prospectus Supplement).
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Floating Rate Spread:
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+56 basis points. In no event will the interest payable in respect of any interest payment period be less than zero
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Interest Payment Dates:
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Fixed rate period: Each May 18 and November 18, commencing on May 18, 2022 and including November 18, 2026
Floating rate period: the second business day following each floating rate period end date; provided, that the interest payment date with respect to the
final interest payment period will be the maturity date. If the scheduled maturity date falls on a day that is not a business day, the payment of principal and interest will be made on the next succeeding business day, but interest on that payment
will not accrue during the period from and after the scheduled maturity date.
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Optional Redemption:
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The Issuer may redeem the notes, at its option, in whole, but not in part, on, and only on, November 18, 2026 at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid
interest thereon, if any, to, but excluding, the redemption date.
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Calculation Agent:
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State Street Bank, an affiliate thereof or any other bank or other entity as the Issuer may appoint
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Day Count Convention:
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Fixed rate period: 30/360
Floating rate period: Actual/360
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Business Day:
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Fixed rate period: Boston and New York
Floating rate period: Boston and New York
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Business Day Convention:
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Fixed rate period: Following
Floating rate period: Modified following, adjusted
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Denominations:
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Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof
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Currency:
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U.S. Dollars
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CUSIP:
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857477BQ5
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ISIN:
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US857477BQ55
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Expected Ratings**:
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A1 / A / AA- (Moodys / S&P / Fitch)
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Joint Book-Running Managers:
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Morgan Stanley & Co. LLC
Academy
Securities, Inc.
BofA Securities, Inc.
Deutsche Bank Securities Inc.
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Co-Managers:
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Citigroup Global Markets Inc.
Drexel Hamilton,
LLC
Lloyds Securities Inc.
Mischler Financial Group,
Inc.
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All terms used and not otherwise defined in this final pricing term sheet have the respective meanings assigned to such
terms in the preliminary prospectus supplement, dated November 15, 2021 (the Preliminary Prospectus Supplement).
The Issuer has
filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with
the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. LLC toll free at 1 (866) 718-1649, Academy Securities, Inc. at (646)-341-6869, BofA Securities, Inc. toll free at 1 (800)-294-1322 or Deutsche Bank Securities Inc. toll free at 1 (800) 503-4611.
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The underwriters expect to deliver the notes to purchasers on or about November 18, 2021, which will be
the third business day following the pricing of the notes (such settlement cycle being herein referred to as T + 3). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades
in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the second business day preceding the settlement
date will be required, by virtue of the fact that the notes initially will settle T + 3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior
to the second business day preceding the settlement date should consult their own advisor.
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**
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A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time.
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