Japan - Sumitomo Mitsui Financial Group $500 Million SEC-Registered Tier 2 Subordinated Notes Offering.

Legal News & Analysis - Asia Pacific - Japan - Capital Markets

18 September, 2019


Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its $500 million SEC-registered takedown offering of 3.202% subordinated notes due 2029. The subordinated notes are expected to qualify as Tier 2 capital for SMFG and 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, counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.