Simpson Thacher recently represented the underwriters in the SEC-registered offering by Sumitomo Mitsui Financial Group, Inc. (“SMFG”) of $2 billion aggregate principal amount of its senior notes in three tranches due 2023 (floating rate), 2023 and 2028 (fixed rate). SMFG intends the senior notes to contribute to its total loss-absorbing capacity (TLAC) when TLAC requirements are introduced in Japan.
SMBC Nikko Securities America, Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. acted as the representatives of the underwriters.
SMFG is one of Japan’s largest banking groups and the parent company of Sumitomo Mitsui Banking Corporation.
The Simpson Thacher team for the offering included Alan Cannon and David Snowden (Capital Markets); Jon Cantor and Caroline Phillips (Tax); Jeanne Annarumma (Executive Compensation & Employee Benefits); and Jennie Getsin (Blue Sky).