New Issue: State Street prices $500 million 1.684% six-year fixed-to-floaters at 43 bps spread

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – State Street Corp. priced $500 million of six-year fixed-to-floating rate senior notes (A1/A/AA-) at 99.706 for a spread of 43 basis points over Treasuries on Monday, according to a 424B5 filing with the Securities and Exchange Commission.

The rate will be fixed at 1.684% for the first five years. In the final year, the rate will be based on a spread of 56 basis points over SOFR.

The notes are optionally redeemable on Nov. 18, 2026 at par plus unpaid interest.

Morgan Stanley & Co. LLC, Academy Securities, Inc., BofA Securities, Inc. and Deutsche Bank Securities Inc. are the joint bookrunners of the deal.

The notes are not callable.

The Boston-based financial services firm plans to use the proceeds for general corporate purposes.

Issuer:	State Street Corp.
Amount:	$500 million
Description:	Fixed-to-floating rate senior notes
Maturity:	Nov. 18, 2027
Bookrunners:	Morgan Stanley & Co. LLC, Academy Securities, Inc., BofA Securities, Inc. and Deutsche Bank Securities Inc.
Co-managers:	Citigroup Global Markets Inc., Drexel Hamilton, LLC, Lloyds Securities Inc. and Mischler Financial Group, Inc.
Coupon:	1.684% for five years, then SOFR plus 56 bps
Price:	99.706
Spread:	Treasuries plus 43 bps
Call:	On Nov. 18, 2026 at par plus unpaid interest
Trade date:	Nov. 15
Settlement date:	Nov. 18
Expected ratings:	Moody’s: A1
	S&P: A
	Fitch: AA-
Distribution:	SEC registered
Cusip:	857477BQ5

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