Monitor next quarterly earnings for FFO/EBITDA coverage of the new debt and any credit rating agency actions. The $2.0B issuance increases leverage modestly but is routine for a large bank holding company.
Price Chart
Executive Summary
State Street Corporation issued $750M in Fixed-to-Floating Rate Senior Notes due 2037, and its subsidiary State Street Bank and Trust Company issued $500M Floating Rate Senior Notes due 2028 and $750M 5.147% Senior Notes due 2028, for combined gross proceeds of $2.0B. The parent company expects net proceeds of ~$745.6M and the bank subsidiary expects net proceeds of ~$1.246B. This is a routine debt capital markets transaction with no material new information about operating performance or credit quality.
Key Facts
- State Street Corp issued $750M Fixed-to-Floating Rate Senior Notes due 2037 at 5.963% fixed rate, stepping to SOFR+1.220% spread after 2036-2037
- State Street Bank issued $500M Floating Rate Senior Notes due 2028 at SOFR+0.500%
- State Street Bank issued $750M 5.147% Senior Notes due 2028
- Combined gross proceeds from both offerings: $2.0B
- Parent net proceeds: ~$745.6M after underwriting discount and expenses
- Bank net proceeds: ~$1.246B after initial purchaser discount and expenses
- Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC
- Notes are senior unsecured senior obligations of the issuer and rank pari passu with all other existing and future senior unsecured indebtedness
- Bank Notes are exempt from registration under Section3(a)(2) of the Securities Act
- No financial results, guidance, or credit rating changes reported
Financial Impact
Combined $2.0B in new senior debt issued by State Street Corp and its subsidiary
Risk Factors
- Increased leverage from $2.0B new debt issuance
- Potential for credit rating downgrade if earnings fail to cover interest coverage
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-426687 |
| Document: d167232dex11.htm | 0001193125-26-426687 |
| Document: d167232dex41.htm | 0001193125-26-426687 |
| Document: d167232d8k.htm | 0001193125-26-426687 |
| Document: d167232dex51.htm | 0001193125-26-426687 |
| Document: 0001193125-26-426687-index-headers.html | 0001193125-26-426687 |
| Document: 0001193125-26-426687-index.html | 0001193125-26-426687 |
| Document: 0001193125-26-426687.txt | 0001193125-26-426687 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 144 | $169.94 | awaiting T+5 | — | $170.89 (+0.56%) |
Oct 20, 2026 7d ago | 8-K | $168.95 | awaiting T+5 | — | $170.89 (+1.15%) |
Oct 15, 2026 12d ago | 424B5 | $167.60 $167.84 | ▲ +0.14% | ▲ +1.16% | $170.89 (+1.96%) |
Oct 14, 2026 13d ago | 8-K | $166.89 $168.95 | ▲ +1.23% | ▲ +0.78% | $170.89 (+2.40%) |
Oct 13, 2026 14d ago | 3 | $166.89 $168.95 | ▲ +1.23% | ▲ +0.78% | $170.89 (+2.40%) |
Sep 14, 2026 6w ago | 8-K | $188.16 $184.40 | ▼ −2.00% | ▼ −2.10% | $170.89 (−9.18%) |
Aug 5, 2026 11w ago | 424B5 | $187.05 $190.11 | ▲ +1.64% | ▲ +1.29% | $170.89 (−8.64%) |
Jul 28, 2026 13w ago | Insider Cluster | $176.04 $187.05 | ▲ +6.25% | ▲ +0.73% | $170.89 (−2.93%) |
Jul 23, 2026 13w ago | Insider Cluster | $185.40 $184.16 | ▼ −0.67% | ▼ −1.76% | $170.89 (−7.83%) |
Jul 16, 2026 14w ago | 8-K | $185.66 $184.21 | ▼ −0.78% | ▲ +0.89% | $170.89 (−7.96%) |
US Market Status
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