Sumitomo Mitsui Financial Group, Inc.’s $4.5 Billion SEC-Registered Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior TLAC notes, which consisted of $2 billion aggregate principal amount of 2.696% senior notes due 2024 and $2.5 billion aggregate principal amount of 3.040% senior notes due 2029. Simpson Thacher & Bartlett LLP represented the underwriters on the deal.

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 J. Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice.

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

Law Firms: Davis Polk & Wardwell;

Clients: Sumitomo Mitsui Financial Group Inc.;

Author: Michael Patrini