This is a preliminary prospectus supplement with key terms (size, dividend rate, spread) left as placeholders. Monitor for the final pricing supplement to assess the cost of capital and potential impact on common equity. The offering is a routine capital management move for a large bank holding company and is not expected to materially affect STT common stock.
Price Chart
Executive Summary
State Street Corporation is issuing depositary shares representing a 1/100th interest in a new series of non-cumulative perpetual preferred stock (Series L). The offering is a routine capital management transaction for a large G-SIB, with net proceeds intended for general corporate purposes. The filing is a preliminary prospectus supplement with key terms (dividend rate, spread, offering size) left as placeholders, indicating the deal is not yet priced.
Key Facts
- State Street is offering depositary shares representing a 1/100th interest in a share of Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L.
- The Series L Preferred Stock has a liquidation preference of $100,000 per share ($1,000 per depositary share).
- Dividends are non-cumulative, payable quarterly, with a fixed rate for the first five years (to September 15, 2031), then resetting to the 5-year Treasury rate plus a spread.
- The preferred stock is perpetual with no mandatory redemption; State Street may redeem on or after September 15, 2031, subject to Federal Reserve approval.
- Proceeds are for general corporate purposes; the offering size, dividend rate, and spread are not yet determined (shown as placeholders).
- The depositary shares will not be listed on any national securities exchange.
- The offering is underwritten by Goldman Sachs & Co. LLC and Morgan Stanley.
Financial Impact
Offering size, dividend rate, and net proceeds are not disclosed in this preliminary filing.
Risk Factors
- Dividends on the Series L Preferred Stock are non-cumulative and at the discretion of the board, subject to regulatory capital constraints.
- The depositary shares are structurally subordinated to all existing and future obligations of State Street Bank, including $1.25B in senior notes issued on July 23, 2026.
- The securities have no active trading market and will not be listed on any exchange, potentially limiting liquidity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-333987 |
| Document: 0001193125-26-333987-index-headers.html | 0001193125-26-333987 |
| Document: 0001193125-26-333987-index.html | 0001193125-26-333987 |
| Document: 0001193125-26-333987.txt | 0001193125-26-333987 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $188.16 $184.40 | ▼ −2.00% | ▼ −2.10% | $176.43 (−6.24%) |
Aug 5, 2026 8w ago | 424B5 | $187.05 $190.11 | ▲ +1.64% | ▲ +1.29% | $176.43 (−5.68%) |
Jul 28, 2026 9w ago | Insider Cluster | $182.57 $183.67 | ▲ +0.60% | ▼ −1.67% | $176.43 (−3.37%) |
Jul 23, 2026 10w ago | Insider Cluster | $184.21 $182.82 | ▼ −0.75% | ▼ −1.23% | $176.43 (−4.23%) |
Jul 16, 2026 11w ago | 8-K | $185.66 $184.21 | ▼ −0.78% | ▲ +0.89% | $176.43 (−4.97%) |
Jun 15, 2026 15w ago | Insider Cluster | $171.29 $173.73 | ▲ +1.42% | ▲ +3.66% | $176.43 (+3.00%) |
May 28, 2026 18w ago | Insider Cluster | $155.42 $161.21 | ▲ +3.73% | ▲ +6.25% | $176.43 (+13.52%) |
Apr 24, 2026 22w ago | 8-K | $22.35 $22.16 | ▼ −0.87% | ▼ −1.27% | $176.43 (+689.37%) |
Apr 22, 2026 23w ago | Insider Cluster | $152.26 $151.88 | ▼ −0.25% | ▼ −0.30% | $176.43 (+15.87%) |
Apr 21, 2026 23w ago | 424B5 | $22.20 $22.35 | ▲ +0.68% | ▼ −0.41% | $176.43 (+694.71%) |
US Market Status
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