State Street Issues $1 B of Senior Unsecured Bonds

On Nov. 4, State Street Corporation announced that it has issued $1 billion of senior unsecured bonds, including an inaugural $500 million bond issued under its Sustainability Bond Framework (the "Framework") which enables the issuance of Green, Social, and Sustainability Bonds. The Framework was developed as a key element of State Street's broader environmental, social and governance (ESG) strategy.

The Sustainability Bond offering, totaling $500 million of fixed-to-floating rate senior notes due 2026, was underwritten by Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC acting as both bookrunners and sustainability bond structuring advisors. The full underwriting syndicate included Goldman Sachs & Co. LLC, Academy Securities, Inc., CastleOak Securities, L.P., R. Seelaus & Co., LLC, and Samuel A. Ramirez & Company, Inc.

"We are proud to announce our new Framework, alongside this important bond issuance, as we believe it extends the pathways for our broader ESG initiatives," said Eric Aboaf, vice chairman & chief financial officer at State Street. "These bonds are very important tools for sourcing funding that is critically needed to support sustainability-focused projects, and our new Framework is vital to helping us channel investment into these areas."

Source: State Street