We advised SMFG on its SEC-registered offering of Additional Tier 1 notes

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its $1 billion SEC-registered takedown offering of 6.600% perpetual subordinated notes. The notes are intended to qualify as Additional Tier 1 capital for SMFG and are structured to count as total loss-absorbing capacity under the Japanese TLAC regulations. The issuance was SMFG’s debut offering of dollar-denominated AT1 notes, and only the second such offering by a Japanese bank since the implementation of Basel III in Japan.

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, Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.