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Three firms help transfer billion dollar Tokyo deal

Three firms help transfer billion dollar Tokyo deal

Ashurst, King & Wood Mallesons and Japanese law firm Mori Hamada & Matsumoto have advised on the Bank of Tokyo-Mitsubishi UFJ, Ltd’s TCD program update and inaugural trade.


Firms: Ashurst (The Bank of Tokyo-Mitsubishi UFJ, Ltd, Sydney Branch (Issuer) (BTMU Sydney)), King & Wood Mallesons (Australian counsel to Morgan Stanley and MUSI), Mori Hamada & Matsumoto (Japanese counsel to BTMU Sydney)

Deal: The Bank of Tokyo-Mitsubishi UFJ, Ltd, (BTMU) Sydney’s $3 billion TCD program update and $300 million inaugural trade

Area: Corporate finance

Value: $3 billion (program size), $300 million (trade size)

Key players: Paul Jenkins (pictured), Teresa Dyson and Geoff Mann led the Ashurst team.

Deal significance: On 4 March 2013, BTMU Sydney completed the update of its $3 billion transferable certificates of deposit (TCD) program. Morgan Stanley is the arranger of the program. On 14 March, BTMU Sydney issued its first series of $300 million floating rate TCDs. The TCDs have a term of three years, are priced at 78 basis points over three-month bank bill swap reference rate (BBSW), and are rated Aa3 by Moody’s and A+ by Standard & Poor's (S&P).

Morgan Stanley, MUSI, NAB and Westpac were the Joint Lead Managers for the trade. “This is the first issue for our global client, Bank of Tokyo-Mitsubishi UFJ, Ltd, under its TCD program following our involvement in the establishment of BTMU’s $3 billion Australian debt issuance program last year. BTMU has been very successful in diversifying its sources of Australian dollar funding to support its growing presence in the Australian market,” said Jenkins.

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