Sumitomo returns to euros for second bite of holdco cherry
Sumitomo Mitsui Financial Group (SMFG) was looking to sell a five year bond from its holding company on Wednesday, remaining the only Japanese ‘mega bank’ to look to euros for its total loss-absorbing capacity (TLAC) requirements.
Sumitomo Mitsui Financial Group (SMFG) circulated initial price thoughts of mid-swaps plus 60bp-65bp for the €500m five year senior holdco bond, through joint lead managers Goldman Sachs, SMBC Nikko, Barclays and BNP Paribas.
Guidance was then revised to 55bp area and a final spread
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