We advised SMFG on its SEC-registered offering of TLAC notes

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its $1.25 billion SEC-registered takedown offering of 5.334% subordinated callable fixed-to-fixed-rate notes due 2041. The subordinated notes are expected to qualify as Tier 2 capital for SMFG and are structured to count as total loss-absorbing capacity (TLAC) under the Japanese (TLAC) regulations.

SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly owned subsidiary Sumitomo Mitsui Banking Corporation is one of the world’s largest commercial banks by assets.

The Davis Polk corporate team included partner Christopher Kodama and associates Alexander Coley and Akiko Okamoto. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Associate Alex Brod provided 1940 Act advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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