18 03 2016

Sumitomo Mitsui Financial Group, Inc.'s $4 Billion SEC-Registered Notes Offering

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its debut SEC-registered takedown offering, which consisted of $1.75 billion aggregate principal amount of 2.934% senior notes due 2021, $1.5 billion aggregate principal amount of 3.784% senior notes due 2026 and $750 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. The firm, led by Koichi Miyata, Yujiro Ito, Kozo Ogino, Toshiyuki Teramoto and Jun Ohta, is based in Chiyoda-Ku Japan. The Davis Polk team included partners Eugene C. Gregor (Picture) and Jon Gray, counsel Christopher J. Kodama and associate Benjamin Potter. Counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Associate Colleen Blanco provided 1940 Act advice. Involved fees earner: Eugene Gregor - Davis Polk & Wardwell; Jon Gray - Davis Polk & Wardwell; Christopher Kodama - Davis Polk & Wardwell; Benjamin Potter - Davis Polk & Wardwell; Alon Gurfinkel - Davis Polk & Wardwell; Nicholas Machen - Davis Polk & Wardwell; Colleen Blanco - Davis Polk & Wardwell;

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