Sumitomo Mitsui Financial Group’s $3 Billion Senior Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, while Simpson Thacher recently represented the underwriters in the offering.

Sumitomo Mitsui Financial Group, Inc. (“SMFG”) completed the offering of $3 billion aggregate principal amount of its Senior Notes in two tranches of fixed rate notes due 2025 and 2030. The issuance of Senior Notes will help SMFG to comply with Japan’s total loss-absorbing capacity (TLAC) requirements.

SMBC Nikko Securities America, Inc., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as the representatives of the underwriters.

SMFG is one of Japan’s largest banking groups and the parent company of Sumitomo Mitsui Banking Corporation.

Davis Polk advised Sumitomo Mitsui Financial Group with a team including partner Jon Gray (Picture), counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice.

Simpson Thacher represented the underwriters with a team including Alan Cannon, David Snowden and Yu Mizutani (Capital Markets); Jon Cantor (Tax); and Jennie Getsin (Blue Sky).

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; Alan Cannon – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Yu Mizutani – Simpson Thacher & Bartlett; David Snowden – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Simpson Thacher & Bartlett;

Clients: Citigroup Global Markets Ltd; Goldman Sachs & Co.; J.P. Morgan Securities LLC; SMBC Nikko Securities America; Sumitomo Mitsui Financial Group Inc.;

Author: Michael Patrini