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

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) notes, which consisted of $500 million aggregate principal amount of senior floating-rate notes due 2029, $800 million aggregate principal amount of 4.108% senior fixed-rate notes due 2029, $400 million aggregate principal amount of senior callable floating-rate notes due 2032, $1.1 billion aggregate principal amount of 4.494% senior callable fixed-to-floating-rate notes due 2032, $1.2 billion aggregate principal amount of 5.046% senior callable fixed-to-floating-rate notes due 2037 and $1 billion aggregate principal amount of 5.570% senior callable fixed-to-floating-rate notes due 2047. 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 corporate team included partner Christopher Kodama and associates Alexander Coley and Akiko Okamoto. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Leon E. Salkin 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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