SMFG $5.8 billion senior notes offering
We advised SMFG on its offering of TLAC notes
Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) notes, which consisted of $300 million aggregate principal amount of SOFR-linked senior floating-rate notes due 2026, $1.5 billion aggregate principal amount of 5.464% senior notes due 2026, $1.5 billion aggregate principal amount of 5.520% senior notes due 2028, $1 billion aggregate principal amount of 5.710% senior notes due 2030 and $1.5 billion 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. 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. Counsel Charles Shi provided executive compensation advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.