We advised SMTB on the update of its global MTN program and senior notes offering

Davis Polk advised Sumitomo Mitsui Trust Bank, Limited (SMTB) in connection with the update of its global medium-term note program and its drawdown of senior notes under Rule 144A / Regulation S, which consisted of $1 billion aggregate principal amount of 5.65% senior notes due 2026, $500 million aggregate principal amount of floating-rate senior notes due 2026 and $500 million aggregate principal amount of 5.50% senior notes due 2028. The net proceeds of the 2028 notes will be allocated to finance existing and future “Eligible Green Projects,” as defined under SMTB’s green bond framework.

The notes are listed on the Singapore Exchange Securities Trading Limited.

SMTB is one of the largest Japanese trust banks in terms of total trust account assets.

The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Paul Lee 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.