Davis Polk Advises Sumitomo Mitsui Financial Group, Inc. on Its $1.5 Billion SEC-Registered Notes Offering
9/27/2019

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior TLAC notes, which consisted of $1 billion aggregate principal amount of 2.448% senior notes due 2024 and $500 million aggregate principal amount of 2.724% senior notes due 2029. The notes are structured to count as total loss-absorbing capacity (“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 team included partner Jon Gray, counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.