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

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 $2 billion aggregate principal amount of 1.402% senior notes due 2026, $2 billion aggregate principal amount of 1.902% senior notes due 2028 and $1 billion aggregate principal amount of 2.222% senior notes due 2031. The notes are structured to count as TLAC under the Japanese TLAC regulations.

Davis Polk also advised SMFG on its $850 million SEC-registered takedown offering of 2.930% subordinated notes due 2041. 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 team included partner Jon Gray, counsel Christopher Kodama and associate Alexander Coley. 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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