By Aleesia Forni
Virginia Beach, Aug. 13 – State Street Corp. priced $3 billion of senior notes (A2/A+/AA-) in three parts on Thursday, according to a market source.
A $1.2 billion 2.55% five-year note was sold at 99.772 to yield 2.599%.
The notes sold at 103 basis points over Treasuries, at the tight end of the 105 bps area over Treasuries guidance.
Also, $500 million of five-year floating-rate notes sold at par to yield Libor plus 90 bps.
Guidance was set in the 92 bps area over Libor.
Finally, $1.3 billion 3.55% 10-year notes sold at 99.866 to yield 3.566% with a spread of 138 bps over Treasuries.
The notes priced at the tight end of the Treasuries plus 140 bps area guidance.
Goldman Sachs & Co., BofA Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
The company plans to use the proceeds from the offering for general corporate purposes.
State Street is a Boston-based financial holding company.
| Issuer: | State Street Corp.
|
| Issue: | Senior notes
|
| Amount: | $3 billion
|
| Bookrunners: | Goldman Sachs & Co., BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.2 billion
|
| Maturity: | Aug. 18, 2020
|
| Coupon: | 2.55%
|
| Price: | 99.772
|
| Yield: | 2.599%
|
| Spread: | Treasuries plus 103 bps
|
| Price guidance: | Treasuries plus 105 bps area
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | Aug. 18, 2020
|
| Coupon: | Libor plus 90 bps
|
| Price: | Par
|
| Yield: | Libor plus 90 bps
|
| Price guidance: | Libor plus 92 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.3 billion
|
| Maturity: | Aug. 18, 2025
|
| Coupon: | 3.55%
|
| Price: | 99.866
|
| Yield: | 3.566%
|
| Spread: | Treasuries plus 138 bps
|
| Price guidance: | Treasuries plus 140 bps area
|
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