We advised the joint bookrunners on the offering of subordinated notes

Davis Polk advised the joint bookrunners and lead managers in connection with Mizuho Financial Group, Inc.’s SEC-registered takedown offering of subordinated notes, which consisted of $1 billion aggregate principal amount of 2.564% subordinated notes due 2031. The notes are structured to qualify as Tier II capital under the applicable Japanese banking regulations and as total loss-absorbing capacity (“TLAC”) under the Japanese TLAC regulations. This was the first SEC-registered Tier II notes issuance by Mizuho Financial Group, Inc. The notes are listed on the Singapore Exchange Securities Trading Limited.

Mizuho Financial Group, Inc. is a Japanese bank holding company that is the ultimate parent company of the Mizuho Group, one of the largest financial institution groups in the world.

The Davis Polk corporate team included partner Jon Gray and associates Chihiro Sasaki, Paul Lee and Junghyun Park. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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