Davis Polk & Wardwell and Nagashima Ohno & Tsunematsu have advised Sumitomo Mitsui Banking Corp. on a $2 billion issue of U.S. dollar-denominated bonds on the Singapore Exchange.
According to Bloomberg, Japanese banks have increased dollar-denominated bond issues in order to expand overseas lending. Deflation and an ongoing slump have severely reduced the demand for and profitability of loans at home.
The Davis Polk team was led by Tokyo partner Theodore Paradise, advising on U.S. law. Nagashima Ohno Tokyo partner Fumihide Sugimoto advised the issuer on Japanese law. Last year, Davis Polk also advised Sumitomo Mitsui on a three-tranche $3 billion bond issue on the Singapore Exchange. Both Davis Polk and Nagashima also advised the bank on multi-billion-dollar offerings in 2011.
Simpson Thacher & Bartlett partners Alan Cannon in Tokyo and Robert Holo in New York advised the initial purchasers--Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank Plc., J.P. Morgan Securities and SMBC Nikko Capital Markets Ltd.on the latest issue.