Sumitomo Mitsui outlines dollar perpetual subordinated notes offering

Chicago, Feb. 26 – Sumitomo Mitsui Financial Group, Inc. is offering dollar-denominated perpetual subordinated notes (Baa3/BB+), according to a 424B5 filing with the Securities and Exchange Commission.

The rate will reset for the first time on June 5, 2034 and then on five-year anniversaries going forward.

The notes will be redeemable at par on each interest rate reset date.

SMBC Nikko Securities America, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.

Bank of New York Mellon will be the trustee.

The issuer is using Davis Polk & Wardwell LLP and Nagashima Ohno & Tsunematsu as legal advisers. Simpson Thacher & Bartlett LLP is working as counsel for the underwriters.

Proceeds will qualify as additional tier 1 capital and will be advanced as a perpetual subordinated loan to SMBC. SMBC will use the proceeds for general corporate purposes.

The listing (Cusip: 86562MDK3) will be in Luxembourg.

The bank holding company for SMBC is based in Tokyo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.