Davis Polk Advises Sumitomo Mitsui Financial Group, Inc. on Its $4.5 Billion SEC-Registered Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its SEC-registered takedown offering, which consisted of $1.75 billion aggregate principal amount of 2.058% senior notes due 2021, $2.25 billion aggregate principal amount of 2.632% senior notes due 2026 and $500 million aggregate principal amount of floating-rate senior notes due 2021. 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.

The Davis Polk team included partners Eugene C. Gregor and Jon Gray, counsel Christopher J. Kodama and associates Benjamin Potter and Shinya Fujiwara. Partner John D. Paton, counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.