Davis Polk advised The Metropolis of Tokyo in connection with its $1 billion Rule 144A/Regulation S offering of 2.000% bonds due 2021. The offering was the Metropolis’s first-ever U.S.-directed offering as a stand-alone issuer.

The Davis Polk corporate team included partner Jon Gray, counsel Christopher J. Kodama, senior transaction manager Chihiro Sasaki and associate Shinya Fujiwara. Partner John D. Paton and associate Nicholas A. Machen provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.