Published on 4/1/2020 in the Prospect News Emerging Markets Daily.
New Issue: Israel sells $5 billion bonds due 2030, 2050, 2120
By Marisa Wong
Los Angeles, April 1 – The State of Israel priced a $5 billion three-tranche offering of fixed-rate bonds (A1/AA-/A+) at par on Monday, according to an FWP filing with the Securities and Exchange Commission.
Israel sold $2 billion of 2¾% bonds due 2030 at a spread of Treasuries plus 206.8 basis points; $2 billion of 3 7/8% bonds due 2050 at a Treasuries plus 250.2 bps spread; and $1 billion of 4½% bonds due 2120 at a Treasuries plus 312.7 bps spread.
Barclays Bank plc, BofA Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.
Proceeds will be used for general government purposes, including refinancing domestic and external debt.
| Issuer: | Israel
|
| Issue: | Bonds
|
| Amount: | $5 billion
|
| Bookrunners: | Barclays Bank plc, BofA Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Trade date: | March 31
|
| Settlement date: | April 3
|
| Expected ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: A+
|
|
|
| 2030 bonds
|
| Amount: | $2 billion
|
| Maturity: | July 3, 2030
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Spread: | Treasuries plus 206.8 bps
|
|
|
| 2050 bonds
|
| Amount: | $2 billion
|
| Maturity: | July 3, 2050
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | Treasuries plus 250.2 bps
|
|
|
| 2120 bonds
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| Amount: | $1 billion
|
| Maturity: | April 3, 2120
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | Treasuries plus 312.7 bps
|
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