Sumitomo Mitsui Financial Group’s $2.5 Billion Notes Offering


Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior TLAC notes.

Sumitomo Mitsui Financial Group offering consisted of $1.25 billion aggregate principal amount of 2.348% senior notes due 2025 and $1.25 billion aggregate principal amount of 2.750% senior notes due 2030. 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 (Picture), counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice.

Involved fees earner: Alexander Coley – Davis Polk & Wardwell; Jon Gray – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Christopher Kodama – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Sumitomo Mitsui Financial Group Inc.;

Author: Michael Patrini