Quick Search
Top Banner

Register
quantumonline home Income Tables Income Lists Stock Lists Special Lists Investment Services Investment Information quantumonline home

State Street Corp., 5.625% Dep Shares Fix/Float Non-Cumul Preferred Stock Ser H
Ticker Symbol: TEMP13     CUSIP: 857477BA0     Exchange:
Security Type:   Traditional Preferred Stock
Per the 10Q filed April 27. 2023 -- In accordance with the LIBOR Act, the benchmark interest rate to be used to calculate the dividend rate during the floating rate period of the Series H preferred stock that begins on December 15, 2023 will transition from LIBOR to CME Term SOFR, plus 0.26161%

The issuer does not intend to list the depositary shares on any national securities exchange or quotation system.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  State Street Corp., 5.625% depositary shares, each representing a 1/100th interest in a share of the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H, liquidation preference $1,000 per depositary share, redeemable at the issuer's option on or after 12/15/2023 at $1,000 per depositary share plus declared and unpaid dividends, and with no stated maturity.

Fixed Non-Cumulative distributions of 5.625% per annum ($56.25 per annum or $28.125 per semi-annual) will be paid semi-annually on 6/15 & 12/15 from 12/15/2018 to and including 12/15/2023, and on 3/15, 6/15, 9/15 & 12/15 of each year, commencing on 3/15/2024 to holders of record on the record date that will be the 15th calendar day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 12/15/2023 distributions will be paid at an annual rate equal to the three-month LIBOR CME Term SOFR, plus 0.26161% plus 2.539%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate.

Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-42 of the prospectus for further information).

This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information).

This security was rated as Baa1 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
FixFloat
n.a.
$1,000.00
$1,000.00
12/15/2023
None
Baa1 BBB
4/23/2023
6/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Go to Parent Company's Record (STT)

IPO - 9/20/2018 - 500.00 Million Shares @ $1000.00 /share.    Link to IPO Prospectus
Market Value $500.0 Million

Company's Online Information Links
HOME PAGE:     https://www.statestreet.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Address ir@statestreet.com
Email Contact Form on Website Go to Email Form

Address and Phone Numbers
Address:   State Street Financial Center, One Congress Street, Boston, MA 02111
Main Phone Number 617-786-3000
Fax Number Not Available
Investor Relations   Ilene Fiszel Bieler 617-664-3477
CEO - Ronald P. O'Hanley CFO - Eric Aboaf

Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.


investment Links contact quantumonline guestbook
quantumonline supporters about quantumonline using quantumonline


QuantumOnline.com
Copyright © 1997 - 2024 QuantumOnline.com. All rights reserved.
Web page design latest update: 5/1/2024
Web page financial information is most recent information available and more recent than last web page design date.