Davis Polk Advises Sumitomo Mitsui Financial Group, Inc. on Its $2.5 Billion SEC-Registered Notes Offering
10/16/2018

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 3.936% senior notes due 2023, $850 million aggregate principal amount of floating-rate senior notes due 2023 and $650 million aggregate principal amount of 4.306% senior notes due 2028. The notes are structured to count as total loss-absorbing capacity (“TLAC”) when TLAC regulations are implemented in Japan.

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 J. Kodama and associates Benjamin Potter and Alexander Coley. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.