State Street Engages Women-Owned Broker-Dealers to Underwrite $500 Million of Senior Unsecured Debt
May 13 2022 - 4:30PM
Business Wire
Offering reflects State Street’s commitment to increasing
diverse representation in the financial services industry
State Street Corporation (NYSE: STT) announced today that it has
issued $500 million of senior unsecured debt. The offering, which
closed today, was structured in keeping with State Street’s ongoing
inclusion, diversity and equity efforts, with R. Seelaus & Co.,
LLC and Siebert Williams Shank & Co., LLC acting as
bookrunners, and MFR Securities, Inc., Stern Brothers & Co.,
and Tigress Financial Partners, LLC acting as co-managers. These
five broker-dealers are women-owned. Collectively, these
broker-dealers have underwritten more than half of the debt
securities in the issuance. The full underwriting syndicate also
included Morgan Stanley & Co. LLC and Lloyds Securities Inc.
acting as bookrunners.
This action reinforces State Street’s strong commitment to
increasing diversity in the industry and empowering women-owned
businesses, which is critical to the future success of the firm.
This offering marks the fourth such issuance in under a year where
the syndication has been structured under State Street’s inclusion,
diversity and equity strategy, reflecting the firm’s continuing
efforts to amplify the impact of Environmental, Social and
Governance initiatives.
“State Street is committed to diversity and creating
opportunities for women to demonstrate the significant value they
add in an industry where they have historically been
underrepresented,” said Ilene Fiszel Bieler, Global Head of
Investor Relations at State Street. “Partnering with these
women-owned broker-dealers is State Street living our values by
creating more equitable opportunities,” Fiszel Bieler added.
“Seelaus is honored to participate as a Joint Bookrunner in this
transaction for State Street that highlights the importance of
supporting women-owned and led firms,” said Annie Seelaus, CEO of
R. Seelaus. “Through this bond issuance they have shown their
continued commitment to gender diversity in all areas of their
business as well as allowed Seelaus to continue to fulfill our
mission to elevate and expand the opportunity set for women in
finance.”
“As the leading national women-and-minority owned investment
bank, Siebert Williams Shank is extremely honored to have acted as
a Joint Bookrunner (JBR) on this issuance, making it the second
time this year we have served as a JBR for State Street,” said
Suzanne Shank, President and CEO. “It was a privilege to work
alongside State Street, and the rest of the banking syndicate, on
this offering, which had a woman-owned focus, as State Street
continues to advocate for diversity, equity and inclusion. We
appreciate the opportunity provided as it allows firms such as
Siebert to play a larger and more meaningful role and add greater
value to clients and investors. Such opportunities allow for
women-owned institutions to thrive in the financial sector. We
appreciate the opportunity to continue to enhance our ongoing
partnership with State Street.”
The $500 million offering of senior notes priced at the tight
end of initial price talk areas and had a final orderbook that was
almost eight times oversubscribed.
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 $41.7 trillion in assets
under custody and/or administration and $4.0 trillion* in assets
under management as of March 31, 2022, 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 March 31, 2022 includes
approximately $73 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.
© 2022 State Street Corporation - All Rights Reserved
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
4742445.1.1.GBL.RTL
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Media Contact: Jamie Letica jletica@statestreet.com +1
646 303 4280
IR Contact: Andrew Bell abell@statestreet.com +1 617 664
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