Sumitomo Mitsui Financial Group’s $850 Million Subordinated Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on the offering.

Sumitomo Mitsui Financial Group executed its $850 million SEC-registered takedown offering of 2.930% subordinated notes due 2041. The subordinated notes are expected to qualify as Tier 2 capital for SMFG and are structured to count as 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 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.;