Sumitomo Mitsui Financial Group, Inc.’s $3.5 Billion SEC-Registered Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its SEC-registered takedown offering of senior TLAC notes, which consisted of $1.5 billion aggregate principal amount of 2.442% senior notes due 2021, $1.5 billion aggregate principal amount of 3.010% 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 by assets.

The Davis Polk team included partner Jon Gray (Picture), counsel Christopher J. Kodama and associate Benjamin Potter. Partner John D. Paton, counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice.

Involved fees earner: Jon Gray – Davis Polk & Wardwell; Christopher Kodama – Davis Polk & Wardwell; Benjamin Potter – Davis Polk & Wardwell; John Paton – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Nicholas Machen – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Sumitomo Mitsui Financial Group Inc.;


Author: Michael Patrini