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

Davis Polk advised Sumitomo Mitsui Financial Group (SMFG), Inc. on its SEC-registered takedown offering of senior total loss-absorbing capacity (TLAC) notes, which consisted of $400 million aggregate principal amount of senior floating-rate notes due 2026, $850 million aggregate principal amount of 5.880% senior notes due 2026, $750 million aggregate principal amount of 5.800% senior notes due 2028, $650 million aggregate principal amount of 5.852% senior notes due 2030 and $650 million aggregate principal amount of 5.776% senior notes due 2033. The senior notes are structured to count as TLAC under the Japanese TLAC regulations.

Davis Polk also advised SMFG on its $1 billion SEC-registered takedown offering of 6.184% subordinated notes due 2043. The subordinated notes are expected to qualify as Tier 2 capital for SMFG and 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 partners Jon Gray and Christopher Kodama and associates Alexander Coley, Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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