State Street completes $1.5 billion debt issuance with diversity focus

  • Stock Market News
State Street completes $1.5 billion debt issuance with diversity focus

State Street Corporation (NYSE: STT ) has successfully completed a significant debt issuance, raising $1.5 billion. This financial maneuver is part of the company's strategic initiatives and was executed with a strong commitment to diversity in its selection of underwriters.

The issuance was divided, with $1 billion allocated to senior debt and the remaining $0.5 billion to senior subordinated debt. The transaction was managed by Siebert Williams Shank & Co., LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and UBS Securities LLC as joint book-running managers.

In a move that highlights State Street's commitment to diversity and inclusion, diverse group-owned broker-dealers such as Academy Securities, Cabrera Capital Markets, R. Seelaus & Co., and Samuel A. Ramirez & Company were involved as co-managers, underwriting a substantial 40% of the offering.

Kimberly DeTrask, State Street's Treasurer, emphasized the company's dedication to diversity initiatives by partnering with minority-owned firms for the tenth consecutive time. This aligns with their "10 Actions" for racial equity at work. Suzanne Shank, CEO of Siebert Williams Shank & Co., praised State Street for its consistent support of minority and women-owned businesses.

State Street is a global financial services provider with a significant presence in over 100 markets worldwide. As of September 30, 2023, it manages approximately $40 trillion in assets under custody/administration and about $3.7 trillion under management. This includes around $58 billion from SPDR products managed by SSGA FD in a marketing agent capacity.

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