Sumitomo Mitsui Trust Bank $2.25 billion senior notes offerings
Davis Polk advised Sumitomo Mitsui Trust Bank, Limited (“SMTB”) in connection with the establishment of its global medium-term notes program, under which SMTB may issue notes on a Rule 144A / Regulation S or Regulation S-only basis.
Following the establishment of the program, Davis Polk advised SMTB on its concurrent drawdowns of senior notes under Rule 144A / Regulation S, which consisted of $1.75 billion aggregate principal amount of 0.85% senior notes due 2024 and $500 million aggregate principal amount of 1.55% senior notes due 2026. The net proceeds of the 2026 notes will be allocated to finance existing and future “Eligible Green Projects,” as defined under SMTB’s green bond framework.
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 Chihiro Sasaki, Alexander Coley and Paul Lee. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.