State Street’s $1.5 billion debt issue involves four black-owned investment firms

By Denny Jacob


Financial holding company State Street Corp. said it issued a total of $1.5 billion in senior unsecured debt as part of its ongoing efforts for inclusion, diversity and equity.

Four black-owned investment firms were involved in the offering, which closed on Monday. Siebert Williams Shank & Co LLC and Loop Capital Markets LLC acted as bookrunners, and CastleOak Securities LP and Blaylock Van LLC acted as co-managers. Collectively, these investment firms underwrote nearly half of the issue’s debt securities.

State Street’s offering marks its third such offering in less than a year where the syndication was structured as part of the Boston-based company’s inclusion, diversity and equity strategy, in the Massachusetts.

The full underwriting syndicate also included Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC acting as bookrunners, with Citigroup Global Markets Inc. acting as co-manager.

“We are pleased to announce this agreement as we begin our celebration of Black History Month in the United States,” said State Street Chief Financial Officer Eric Aboaf. “Partnering with these highly valued Black-owned businesses allows us to amplify our impact as an organization by improving diverse representation within our industry.”


Write to Denny Jacob at [email protected]