Chicago, Jan. 23 – Bank Leumi le-Israel B.M. sold $750 million 11-year tier 2 subordinated notes (expected ratings: BBB/BBB) in the bank’s inaugural dollar benchmark deal, according to a news release and a syndicate source.
Yield on the notes is 3.275%.
The notes are non-callable for six years.
Following a roadshow, order books were in excess of $4 billion for the Rule 144A and Regulation S deal.
The bank mandated Citigroup, BNP Paribas, HSBC and Morgan Stanley as joint bookrunners with Citigroup working as global coordinator and structuring adviser.
Bank Leumi is based in Tel Aviv and is one of Israel's largest financial institutions.
| Issuer: | Bank Leumi le-Israel B.M.
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | $750 million
|
| Maturity: | 11 years
|
| Bookrunners: | Citigroup, BNP Paribas, HSBC and Morgan Stanley
|
| Global coordinator: | Citigroup
|
| Yield: | 3.275%
|
| Call: | Non-callable for six years
|
| Announcement date: | Jan. 23
|
| Ratings: | S&P: BBB (expected)
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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