SMBC Covered Bond

Sumitomo Mitsui Banking Corporation (SMBC) has issued covered bonds in overseas markets.

Overview of SMBC Covered Bond Programme

Issuer / Status of the Bonds
  • ●SMBC acting as trustee of the Trust (*1)
  • ●Senior secured obligation of the Issuer with recourse to trust property as a segregated ‘cover pool’ as well as to the property of SMBC acting in its proprietary capacity
Dual Recourse
  • ●Cover pool assets are duly segregated in the Trust Account (subject to security interests for Bondholders) in accordance with the Trust Act and do not form part of the assets available to general creditors of SMBC in its proprietary capacity upon insolvency in its proprietary capacity
  • ●The Trust Act of Japan provides Bondholders with recourse to SMBC’s assets available to general creditors, in addition to recourse to the cover pool assets held in the Trust Account
Total Return Swap (“TRS”) / Credit Support Annex (“CSA”)
  • ●TRS and CSA ensure SMBC, as the TRS counterparty, (1) makes payments which effectively match the payment obligations (principal and interest) to Bondholders and (2) meets Asset Coverage Test requirement
Over Collateralisation
  • ●Minimum OC Percentage is 25% (*2)
Cover Pool
  • ●Aaa-rated Japanese self-originated RMBS (senior tranche only)
  • ●Aa-rated RMBS is allowed but 20% hair-cut ratio is applied
  • ●Substitution Assets (JGB only, up to 10%)
  • ●Cash as CSA Collateral

Compliance System at SMFG

  • *1 SMBC, licensed by Japanese FSA as financial institutions which engage in trust business, acting as trustee on behalf of a specified money trust(tokutei kinsen shintaku) No. 0010-377600-0001 (the “Trust”)
  • *2 TRS Counterparty may amend Minimum OC Percentage in order to maintain the current rating of Covered Bonds, subject to a minimum of 25%
  • *3 Cover pool assets may include senior tranches Aa-rated RMBS where higher haircut ratio of 20% is applied, JGB and cash

SMBC Covered Bond List

Series ISIN Notional Issue Date Maturity Date Coupon
2019-1 XS2008801297 EUR500,000,000 June 18, 2019 June 18, 2026 0.267%
2019-3 XS2066652897 EUR750,000,000 November 7, 2019 November 7, 2029 0.409%
2020-1 XS2225211650 EUR1,000,000,000 September 10, 2020 September 10, 2025 0.010%
2023-1 XS2547591474 EUR750,000,000 February 16, 2023 February 16, 2026 3.602%

SMBC Covered Bond Valuation Investor Report

As of Disclosure date Valuation Investor Report
November 18, 2024 December 2, 2024 Valuation Investor Report Nov 2024 (264KB)
August 16, 2024 September 5, 2024 Valuation Investor Report Aug 2024 (264KB)
May 20, 2024 June 3, 2024 Valuation Investor Report May 2024 (353KB)
February 16, 2024 March 5, 2024 Valuation Investor Report Feb 2024 (277KB)
Nov 16, 2023 Dec 4, 2023 Valuation Investor Report Nov 2023 (507KB)
Aug 16, 2023 Sep 5, 2023 Valuation Investor Report Aug 2023 (348KB)
May 22, 2023 June 2, 2023 Valuation Investor Report May 2023 (352KB)
February 15, 2023 March 1, 2023 Valuation Investor Report Feb 2023 (347KB)
November 16, 2022 November 30, 2022 Valuation Investor Report Nov 2022 (346KB)
August 16, 2022 August 30, 2022 Valuation Investor Report Aug 2022 (347KB)
May 19, 2022 June 2, 2022 Valuation Investor Report May 2022 (347KB)
February 16, 2022 March 2 ,2022 Valuation Investor Report Feb 2022 (262KB)
November 16 ,2021 November 30, 2021 Valuation Investor Report Nov 2021 (268KB)
August 17, 2021 August 31, 2021 Valuation Investor Report Aug 2021 (263KB)
May 20, 2021 June 2, 2021 Valuation Investor Report May 2021 (259KB)
February 16, 2021 March 1, 2021 Valuation Investor Report Feb 2021 (259KB)
November 17 ,2020 December 4, 2020 Valuation Investor Report Nov 2020 (268KB)
August 18, 2020 September 3,2020 Valuation Investor Report Aug 2020 (263KB)
May 21, 2020 June 5, 2020 Valuation Investor Report May 2020 (264KB)
February 18, 2020 March 2, 2020 Valuation Investor Report Feb 2020 (264KB)
November 18 ,2019 November 29, 2019 Valuation Investor Report Nov 2019 (263KB)
August 16, 2019 August 30, 2019 Valuation Investor Report Aug 2019 (255KB)
May 21, 2019 May 29, 2019 Valuation Investor Report May 2019 (246KB)
February 18, 2019 March 4, 2019 Valuation Investor Report Feb 2019 (246KB)