We advised SMFG on its offering of TLAC notes

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. in connection with its reopening of its January 2023 SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) fixed-rate notes. The reopening consisted of $300 million aggregate principal amount of 5.464% senior notes due 2026, $400 million aggregate principal amount of 5.520% senior notes due 2028, $350 million aggregate principal amount of 5.710% senior notes due 2030 and $250 million aggregate principal amount of 5.766% senior notes due 2033. The notes are structured to count as 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 team included partner Jon Gray, counsel Christopher Kodama and associates Alexander Coley and Haruka Moriya. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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