We advised SMFG on the SEC-registered offering of TLAC notes, which includes $500 million of green bonds

Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior total loss-absorbing capacity (“TLAC”) notes, which consisted of $500 million aggregate principal amount of 0.508% senior notes due 2024, $1 billion aggregate principal amount of 0.948% senior notes due 2026, $500 million aggregate principal amount of 1.710% senior notes due 2031 and $500 million aggregate principal amount of 2.296% senior notes due 2041. The net proceeds of the 2024 notes will be allocated toward financing, in whole or in part, existing and future qualifying environmentally related projects, or “Eligible Green Projects,” as defined under the Green Bond Framework adopted by SMFG and Sumitomo Mitsui Banking Corporation, SMFG’s wholly owned subsidiary. 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. 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.

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