Shearman & Sterling represented Morgan Stanley, Credit Suisse and U.S. Bancorp Investments, Inc. as joint bookrunners in connection with a public offering of 500,000 6.625% Trust Preferred Securities with an aggregate liquidation amount of $500,000,000 of USB Capital XIII, guaranteed by U.S. Bancorp. U.S. Bancorp is a multi-state financial holding company headquartered in Minneapolis that provides a full range of financial services through its subsidiaries, including lending and depository services, cash management, foreign exchange, and trust and investment management services.

The Shearman & Sterling team included partners Michael J. Schiavone (New York-Capital Markets), Lona S. Nallengara (New York-Capital Markets) and Don J. Lonczak (New York-Tax); associates Matthew F. Musselman (New York-Capital Markets), Irene H. Shih (New York-Capital Markets), Gerald M. Feige (Washington, D.C.-Tax), Ann S. Matthews (New York-Capital Markets), Jennifer D. Morton (New York-Capital Markets), Dawei (David) Ni (New York-Capital Markets) and Michael J. Blankenship (New York-Asset Management); and legal assistant Kristi Anne Nadvornik (New York-Capital Markets).