State Street Corporation announced that it recently completed a securities lending auction for approximately $2.6 billion in international assets for the Ohio Public Employees Retirement System (OPERS).
Exclusive borrowing rights to the securities for a set period of time were auctioned using EquiLend AuctionPort, which allows lenders to host and conduct blind and open auctions of portfolios on behalf of their customers via EquiLend’s global securities finance platform.
“We are pleased to have worked with State Street to bring this lender and the international borrower community together via a successful auction,” said Brian P. Lamb, chief executive officer of EquiLend.
“Our goal is to maximize the value of our portfolios while retaining our conservative approach to risk,” said Jerry May, securities lending officer for OPERS. “Auctioning select asset types provides us with an additional route to market within our overall securities lending program.”
“We work with our customers to establish innovative securities lending programs tailored to their specific investment objectives and risk parameters,” said Edward J. O’Brien, executive vice president and head of securities finance at State Street. “Offering our customers the option of an auction using the EquiLend platform can be an excellent alternative when specific market and asset criteria are met.”