State Street has announced that it has engaged women-owned broker-dealers to underwrite $500 million of senior unsecured debt, to reflect its commitment to increasing diverse representation in the financial services industry.
The offering has been structured in keeping with State Street’s ongoing inclusion, diversity and equity efforts, with R Seelaus & Co LLC and Siebert Williams Shank & Co LLC acting as bookrunners; and MFR Securities Inc, Stern Brothers & Co, and Tigress Financial Partners, LLC acting as co-managers. These five broker-dealers are women-owned. Collectively, these broker-dealers have underwritten more than half of the debt securities in the issuance. The full underwriting syndicate also included Morgan Stanley & Co LLC and Lloyds Securities Inc acting as bookrunners.
COMMITMENT TO DIVERSITY
This action reinforces State Street’s strong commitment to increasing diversity in the industry and empowering women-owned businesses; which is critical to the future success of the firm. This offering marks the fourth such issuance in under a year where the syndication has been structured under State Street’s inclusion, diversity and equity strategy; reflecting the firm’s continuing efforts to amplify the impact of Environmental, Social and Governance initiatives.
“State Street is committed to diversity and creating opportunities for women to demonstrate the significant value they add in an industry where they have historically been underrepresented,” said Ilene Fiszel Bieler, Global Head of Investor Relations at State Street. “Partnering with these women-owned broker-dealers is State Street living our values by creating more equitable opportunities,” Fiszel Bieler added.
“Seelaus is honoured to participate as a Joint Bookrunner in this transaction for State Street that highlights the importance of supporting women-owned and led firms,” said Annie Seelaus, CEO of R. Seelaus. “Through this bond issuance they have shown their continued commitment to gender diversity in all areas of their business; as well as allowed Seelaus to continue to fulfill our mission to elevate and expand the opportunity set for women in finance.”
DIVERSITY AND INCLUSION ADVOCATE
“As the leading national women-and-minority owned investment bank, Siebert Williams Shank is extremely honoured to have acted as a Joint Bookrunner (JBR) on this issuance; making it the second time this year we have served as a JBR for State Street,” said Suzanne Shank, President and CEO. “It was a privilege to work alongside State Street, and the rest of the banking syndicate, on this offering; which had a woman-owned focus, as State Street continues to advocate for diversity, equity and inclusion. We appreciate the opportunity provided as it allows firms such as Siebert to play a larger and more meaningful role; and add greater value to clients and investors. Such opportunities allow for women-owned institutions to thrive in the financial sector. We appreciate the opportunity to continue to enhance our ongoing partnership with State Street.”
The $500 million offering of senior notes priced at the tight end of initial price talk areas; and had a final orderbook that was almost eight times oversubscribed.
A recent study has highlighted how women face ‘double standards’ and ‘bias’ in the investment industry, especially during performance evaluations. Click here to read more.
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