The 8.125% reset notes are listed on the Singapore Exchange

Davis Polk advised the joint lead managers in connection with a Rule 144A / Regulation S offering by Rakuten Group, Inc. of $550 million aggregate amount of 8.125% undated subordinated NC5 fixed rate reset notes. The notes are listed on the Singapore Exchange Securities Trading Limited.

Rakuten Group is one of Japan’s leading Internet companies offering e-commerce services, FinTech services, digital content and communications services.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama, counsel Chihiro Sasaki and associate Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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