Davis Polk & Wardwell has advised Sumitomo Mitsui Banking Corp. on a $3 billion bond issue this month on the Singapore Exchange.

The U.S. dollar-denominated bonds were offered in three tranches: $1 billion worth of 1.35 percent notes due in three years, $1.25 billion worth of 1.8 percent notes due in five years, and $750 million worth of 3.2 percent notes due in ten years.

Sumitomo Mitsui’s debt issue took place just as Osaka-based drug manufacturer Takeda Pharmaceutical Co. raised $3 billion through a senior notes offering in Singapore. According to a Bloomberg report, Japanese companies have been trying to expand overseas and are taking advantage of a drop in borrowing costs this year.

Davis Polk Tokyo partner Theodore Paradise led the firm’s team in advising the issuer. The firm also advised the bank on a $1.5 billion three-tranche notes issue in January and a $2 billion dual-tranche debt offer last year, both in Singapore.

The underwriters–Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank Plc., Merrill Lynch, Pierce, Fenner & Smith Inc. and SMBC Nikko Capital Markets Ltd.–turned to Simpson Thacher & Bartlett Tokyo partner Alan Cannon for advice. The firm is also representing the underwriters on Takeda’s debt offering.

E-mail: jseah@alm.com