State Street’s 5.35% fixed-to-floating preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, April 13 – State Street Corp.’s $500 million of 5.35% series G fixed-to-floating rate noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Wednesday.

The ticker symbol is “STTPG.”

The deal priced April 4. Initial price talk was around 5.625%, according to a market source. The deal came upsized from $250 million.

The preferreds were issued as depositary shares representing a 1/4,000th interest.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners. Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the co-managers.

When declared, dividends will be fixed and paid on the 15th day of March, June, September and December, beginning June 15. Come March 15, 2026, the dividends will begin to float at Libor plus 370.9 basis points.

March 15, 2026 is also the first date the preferreds become redeemable, at par plus accrued dividends. The issue can be redeemed in whole prior to that date upon a regulatory capital treatment event.

The Boston-based financial holding company intends to use the proceeds to fund the cash consideration portion of the bank’s planned acquisition of GE Asset Management. Any remaining funds will be used for general corporate purposes.

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