Published on 11/29/2018 in the Prospect News Investment Grade Daily.
New Issue: State Street sells $1 billion fixed-to-floaters due 2024, 2029
By Devika Patel
Knoxville, Tenn., Nov. 29 – State Street Corp. priced $1 billion of fixed-to-floating rate senior notes (A1/A/AA-) in two tranches on Wednesday, according to FWPs filed with the Securities and Exchange Commission.
The Boston-based financial holding company sold $500 million of six-year notes at par with a 3.776% coupon until Dec. 3, 2023, and then at rate equal to the Libor plus 77 basis points.
State Street sold $500 million of 11-year notes at par with a 4.141% coupon until Dec. 3, 2028, and then at rate equal to the Libor plus 103 basis points.
BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
| Issuer: | State Street Corp.
|
| Issue: | Fixed-to-floating rate senior notes
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| Amount: | $1 billion
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| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
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| Co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Lloyds Securities Inc. and UBS Securities LLC
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| Junior co-managers: | Blaylock Robert Van, LLC and Samuel A. Ramirez & Co. Inc.
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| Trade date: | Nov. 28
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| Settlement date: | Dec. 3
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| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
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| Distribution: | SEC registered
|
|
|
| Notes due 2024
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| Amount: | $500 million
|
| Maturity: | Dec. 3, 2024
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| Coupon: | 3.776% until Dec. 3, 2023 then at Libor plus 77 bps
|
| Price: | Par
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| Spread: | Treasuries plus 92 bps
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| Call: | Par call on Dec. 3, 2023
|
|
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| Notes due 2029
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| Amount: | $500 million
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| Maturity: | Dec. 3, 2029
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| Coupon: | 4.141% until Dec. 3, 2028 then at Libor plus 103 bps
|
| Price: | Par
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Par call on Dec. 3, 2028
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