Simpson Thacher Tokyo Represents Underwriters in $1.8 Billion Offering of Preferred Securities by SMFG
05.27.08
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The Tokyo office of the Firm recently represented the underwriters led by Goldman Sachs International, JPMorgan, UBS and Daiwa Securities SMBC Europe in a $1.8 billion offering of non-cumulative perpetual preferred securities issued by SMFG Preferred Capital USD 2 Limited, a Cayman Islands finance subsidiary of Sumitomo Mitsui Financial Group, Inc. The offering was conducted pursuant to Rule 144A and Regulation S. The preferred securities are listed on the Singapore Exchange Securities Trading Limited.
Sumitomo Mitsui Financial Group is a holding company that directly owns Sumitomo Mitsui Banking Corporation, one of the world’s largest commercial banks, with ¥103.7 trillion in consolidated assets as of September 30, 2007.
The Simpson Thacher team that worked on the transaction included Alan Cannon, Andrew Hecht and Todd Wolfe in Tokyo, Mark Lab and Jeanne Annarumma in New York, and Benjamin Applestein in Palo Alto.