State Street Announces Inaugural $500 Million Bond Issuance Under its Sustainability Bond Framework

The Framework enables State Street to fund Green and Social projects that will directly support State Street’s broader ESG strategy

State Street Corporation today 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.”

State Street remains committed to business and operational activities that address critical global issues, including the firm’s 10 Actions to Address Racism and Inequality, that are important to employees, clients, communities, and other stakeholders.

State Street will allocate an amount equivalent to the proceeds from bonds issued under the Framework to fund projects that meet the principles and guidelines within the Framework. These include affordable housing projects, renewable energy projects (including wind and solar power), Green buildings (LEED Gold and above), socioeconomic advancement and employment (with a focus on racial equity, social justice, education or workforce development), essential services (including education and healthcare), and environmental infrastructure and services (including clean transportation and sustainable water management).

Read more about State Street’s ESG highlights in, “Accelerating Growth, 2021 ESG report.” A copy of the Framework can be found here.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $35.7 trillion in assets under custody and/or administration and $3.3 trillion* in assets under management as of September 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 41,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2022 includes approximately $55 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Forward-Looking Statements:

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about State Street’s sustainability goals and its plans with respect to the proceeds from its Sustainability Bond offering. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “intend,” “plan,” “outlook,” “guidance,” “expect,” “priority,” “objective,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing State Street’s expectations or beliefs as of any time subsequent to the time this News Release is first issued. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in State Street’s 2021 Annual Report on Form 10-K and State Street’s subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing State Street’s expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

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