May 28--Mizrahi Tefahot Bank (TASE:MZTF) has raised more than NIS 1 billion in a new bond series offering. The offering's institutional round took place yesterday, and the bank saw lively demand of NIS 3 billion with offers totaling NIS 1.1 billion accepted. The bank will raise a total of NIS 1.2 billion after the public offering, which will be held tomorrow.
The new series (37) is a shekel denominated bond, with a 5.5 year duration, rated as a deposit, with a AA+ rating. The returns at closing was 2.77%, a margin of about 0.61% over the returns on government bonds with an equivalent duration.
This offering follows joins Mizrahi-Tefahot's January offering when the bank raised more than NIS 1.6 billion. After the current offering, Mizrahi-Tefahot's total funds raised in will be about NIS 2.8 billion.
Mizrahi-Tefahot CEO Eldad Fresher said, "The results of the offering are another testament to the great respect and trust that institutional investors have for Mizrahi-Tefahot, its achievements, and its strategic plan."
The offering was led by Rosario Capital.
(c)2014 the Globes (Tel Aviv, Israel)
Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942
Distributed by MCT Information Services