We advised SMFG on its SEC-registered offering of TLAC notes

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. (SMFG) on its SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) notes, which consisted of $1.1 billion aggregate principal amount of 5.716% senior notes due 2028 and $900 million aggregate principal amount of 5.808% senior notes due 2033. The notes 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 corporate team included partner Christopher Kodama and associates Alexander Coley, Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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