Sumitomo targets euros in TLAC sprint

By Jasper Cox
06 Jun 2017

Sumitomo Mitsui Financial Group (SMFG) came to the euro market on Tuesday with two tranches of senior unsecured bonds from its holding company, as the Japanese megabank races towards meeting its final requirements for the total loss absorbing capacity (TLAC) framework.

The first tranche was a €750m five year floating rate note. Initial price thoughts were circulated at three month Euribor plus 60bp area, but bookrunners Goldman Sachs, SMBC Nikko, BarclaysBNP Paribas and HSBC were able to tighten guidance to 45bp-50bp.

The second tranche ...

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