Davis Polk advised Sumitomo Mitsui Banking Corporation in connection with its $2 billion senior debt offering in reliance on the Section 3(a)(2) exemption of the Securities Act. The offering consisted of $500 million of 1.45% senior bonds due 2016, $500 million of 2.5% senior bonds due 2018, $700 million of 3.95% senior bonds due 2023 and $300 million of 3.95% senior floating-rate bonds due 2016, each guaranteed by Sumitomo Mitsui Banking Corporation’s New York branch. The joint lead managers for the offering were Goldman, Sachs & Co., Citigroup Global Markets Inc., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and SMBC Nikko Securities Inc.
Sumitomo Mitsui Banking Corporation is one of the largest banks in the world by assets.
The Davis Polk corporate team included partner Theodore A. Paradise, counsel Mӧrk Murdock and associate Yuko Masunaga. Partner Luigi L. De Ghenghi and associate E. Ashley Harris provided advice relating to the Section 3(a)(2) exemption. Partner John D. Paton and associate Sarah Joy provided tax advice. Counsel Jeanine P. McGuinness and associate Britt Mosman provided advice relating to OFAC. Keiko Murano was the legal assistant on the transaction. Members of the Davis Polk team are based in the Tokyo, London, New York and Washington DC offices.
