News Column

BRIEF: Mizrahi-Tefahot raises over NIS 1b in bond offering

May 28, 2014

Globes, Tel Aviv, Israel

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.


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Source: Globes (Tel Aviv)

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