Financial News

State Street Partners with Black-Owned Businesses to Underwrite $1.5 Billion of Senior Unsecured Debt

Offering reinforces State Street’s commitment to diversity in the financial services industry and celebrates Black History Month

State Street Corporation (NYSE: STT) announced today that it has issued an aggregate of $1.5 billion of senior unsecured debt. The offering, which closed today, was structured in keeping with State Street’s ongoing inclusion, diversity and equity efforts, with Siebert Williams Shank & Co., LLC and Loop Capital Markets LLC acting as bookrunners, and CastleOak Securities, L.P. and Blaylock Van, LLC acting as co-managers. All four firms are Black-owned investment firms. Collectively, these investment firms have underwritten almost half of the debt securities in the issuance. The full underwriting syndicate also included Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC acting as bookrunners, with Citigroup Global Markets Inc. acting as co-manager.

This action reinforces the firm’s strong commitment to strengthening Black-owned businesses and represents an ongoing effort by State Street to partner with Black and Latinx-owned investment firms, as well as firms owned by other underrepresented groups, as part of its debt offerings. This offering marks the third such State Street issuance in under a year where syndication has been structured under State Street’s inclusion, diversity and equity (IDE) strategy, reflecting the firm’s continuing efforts to amplify the impact of its actions supporting its Environmental Social & Governance initiatives.

Supporting Black-owned businesses as underwriters complements a number of ongoing IDE-related efforts within the firm’s 10 Actions to Address Racism and Inequality, and contributes meaningfully to Black equity in society consistent with the firm’s MLT Black Equity at Work Certification plan.

“We are pleased to announce this deal as we begin our celebration of Black History Month in the U.S,” said Eric Aboaf, chief financial officer of State Street Corporation. “The partnership with these highly regarded Black-owned businesses allows us to amplify our impact as an organization by improving diverse representation within our industry.”

“We are honored to play such a significant role in this note issue for State Street,” said Chris Williams, chairman of Siebert Williams Shank & Co., LLC. “Mandating diverse firms as joint bookrunners with full participation in the investor book building and allocation process highlights State Street’s meaningful commitment to diversity and enables Siebert to add value for our issuers, support our institutional clients, and challenge our professionals.”

“We are thrilled to participate in this transaction and applaud the efforts of State Street to foster greater diversity and inclusion in financial services, passions which we share,” said Beth Hammack, co-head of the Global Financing Group within the Investment Banking Division at Goldman Sachs. “We commend State Street for their leadership and for the opportunity provided to our partner firms in this exciting transaction.”

The aggregate $1.5 billion offering of senior notes priced at the tight end of initial price talk areas for each tranche and had an aggregate final orderbook that was 2.0 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 $43.7 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 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

*Assets under management as of December 30, 2021 includes approximately $61 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.



Jamie Letica

+1 646-303-4280


Ilene Fiszel Bieler

+1 617-664-3477

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info