SMBC Group's Financial and Credit Portfolio
Comparison of recent Japanese bank AT1 bond issuances
Pricing date
Maturity
1st call date
Currency
Tranche size
New issue spread
Coupon structure
Form of securities
Coupon cancellation
Going concern trigger
Going concern loss
absorption mechanism
Gone concern trigger
Gone concern loss
absorption mechanism
Dividend stopper
Sumitomo Mitsui Financial Group
Mitsubishi UFJ Financial Group, Inc.
October 6, 2023
Perpetual
September 8, 2023
Perpetual
December 5, 2028
JPY
JPY
JPY 114.5 bn
JGB+164bp
Fixed to fixed
Initial coupon: 1.889%
Coupon after 1st call: 5y JGB+164bps
January 15, 2029
JPY 72 bn
JGB+161bp
Fixed to floating
Initial coupon: 1.963%
Coupon after 1st call: 6mth Tibor +
122.9bps
Subordinated notes
Discretionary, mandatory
(Non-cumulative)
CET1 ratio falls below 5.125%
Temporary write down
Mitsubishi UFJ Financial Group, Inc.
October 18, 2023
Perpetual
January 15, 2029
USD
USD 750 mn
UST+329.4bp
Fixed to fixed
Initial coupon: 8.200%
Coupon after 1st call: 5y UST +
329.4bps
Specified Item 2 measures (tokutei dai nigo sochi) & bankruptcy event
Permanent write down
Yes
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