State Street Partners with Latinx Firms to Underwrite $750 Million of Senior Notes
August 04 2022 - 6:25PM
Business Wire
Third issuance this year reinforces State Street’s commitment to
increasing inclusion, diversity and equity in financial
industry
State Street Corporation (NYSE: STT) announced today that it has
issued $750 million aggregate principal amount of fixed-to-floating
rate senior notes due 2033. The offering, which closed today, was
structured in keeping with State Street’s ongoing inclusion,
diversity and equity efforts, with Cabrera Capital Markets LLC
acting as bookrunner, and Great Pacific Securities, Penserra
Securities LLC, and Samuel A. Ramirez & Company, Inc., acting
as co-managers. These four broker-dealers are Latinx-owned.
Collectively, these broker-dealers have underwritten 33% FINAL of
the debt securities in the offering. The full underwriting
syndicate also includes BofA Securities, Inc., Citigroup Global
Markets Inc. and Goldman Sachs & Co. LLC acting as
bookrunners.
This marks the third such offering this year where the
underwriting syndicate has been structured in a manner consistent
with State Street’s inclusion, diversity and equity strategy,
reflecting the firm’s continuing efforts to amplify the impact of
its Environmental, Social and Governance initiatives. This issuance
further demonstrates State Street’s ongoing and strong commitment
to increasing Latinx representation and opportunities across the
industry.
"We are so pleased to partner with Latinx owned firms on this
debt issuance ahead of National Hispanic Heritage Month in
September,” said Paul Francisco, Chief Diversity Officer at State
Street. “We remain committed to increasing our partnership with
diverse suppliers while also increasing Latinx representation and
opportunities across our industry and in every community where we
operate.”
“We are very proud to have served in such a meaningful role on
State Street’s debt offering and for the opportunity to fully
showcase our distribution and ability to add value as a partner,”
said Martin Cabrera, CEO and Founder of Cabrera Capital Markets.
“State Street is a long-standing client of our firm. We are
grateful for the partnership we have built throughout the years and
applaud State Street for its ongoing firm-wide commitment to
diversity and inclusion.”
The offering of $750 million of senior notes priced at the tight
end of initial price talk areas and had a final orderbook that was
4.3 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 $38.2 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of June 30, 2022, State Street operates
globally in more than 100 geographic markets and employs
approximately 40,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of June 30, 2022 includes
approximately $66 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
4888556.1.1.GBL.RTL
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