State Street prices $750M in fixed-to-float notes due 2037
What's the deal? State Street has priced $750 million in Fixed-to-Floating Rate Senior Notes due 2037, disclosing pricing terms in a free writing prospectus filed October 15, 2026. Settlement is expected October 20, 2026.
The terms: The notes carry a fixed coupon of 5.963% per annum, payable semi-annually through October 20, 2036. After that date, they shift to daily compounded SOFR plus 122 basis points until maturity.
The notes priced at 100% of principal, a spread of 88 basis points over the benchmark Treasury due August 15, 2036. State Street may redeem them in whole on October 20, 2036, at par plus accrued interest.
Who's involved? Goldman SachsDealroom has a profile for this one. Try Dealroom →, Morgan Stanley, Scotia CapitalDealroom has a profile for this one. Try Dealroom →, and TD SecuritiesDealroom has a profile for this one. Try Dealroom → are joint book-running managers. Co-managers include CastleOak SecuritiesDealroom has a profile for this one. Try Dealroom →, Drexel HamiltonDealroom has a profile for this one. Try Dealroom →, Independence Point SecuritiesDealroom has a profile for this one. Try Dealroom →, and Mischler Financial GroupDealroom has a profile for this one. Try Dealroom →.
The ratings: The notes carry expected ratings of Aa3 from Moody's, A from S&PDealroom has a profile for this one. Try Dealroom →, and AA- from FitchDealroom has a profile for this one. Try Dealroom →, according to the filing. Minimum denominations are set at $2,000.
The signal: The fixed-to-float structure lets State Street lock in a set coupon now and transition to a floating SOFR-linked rate near maturity — a common tool for large financial issuers managing long-dated debt against shifting rate expectations. At $750 million, the raise sits near the middle of comparable post-IPO debt deals.
Read more: kalkine.com
Image credit: Boston City Archives
