Published on 1/7/2020 in the Prospect News Investment Grade Daily.
New Issue: Sumitomo Mitsui sells $2.5 billion of five-, 10-year notes at par
By Devika Patel
Knoxville, Tenn., Jan. 7 – Sumitomo Mitsui Financial Group Inc. priced $2.5 billion of five- and 10-year fixed-rate senior notes (A1/A-) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $1.25 billion of 2.348% five-year senior notes at par. These notes were sold at a spread of Treasuries plus 75 basis points.
Sumitomo also sold $1.25 billion of 2.75% 10-year senior notes at par to yield Treasuries plus 95 bps.
SMBC Nikko Securities America Inc., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Barclays are the bookrunners.
Proceeds will be used to extend unsecured loans to Sumitomo Mitsui Banking Corp., which will use the funds for general corporate purposes.
The banking and financial company is based in Tokyo.
| Issuer: | Sumitomo Mitsui Financial Group Inc.
|
| Amount: | $2.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | SMBC Nikko Securities America Inc., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Barclays
|
| Senior co-managers: | BofA Securities, Inc., J.P. Morgan Securities LLC and Nomura Securities International, Inc.
|
| Co-managers: | Daiwa Capital Markets America Inc., HSBC Securities (USA) Inc., Industrial and Commercial Bank of China (Asia) Ltd., Lloyds Securities Inc., Natixis Securities Americas LLC and TD Securities (USA) LLC
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody’s: A1
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| 2025 notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 2.348%
|
| Price: | Par
|
| Yield: | 2.348%
|
| Spread: | Treasuries plus 75 bps
|
| Call feature: | None
|
|
|
| 2030 notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 15, 2030
|
| Coupon: | 2.75%
|
| Price: | Par
|
| Yield: | 2.75%
|
| Spread: | Treasuries plus 95 bps
|
| Call feature: | None
|
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