Israel ups deal size to €1.5bn as dollar buyers forced to pile into euros
The State of Israel increased its deal size to €1.5bn from a target of €1bn on Wednesday after a €5.75bn book was built. Traditional EM dollar buyers piled into the euro-denominated bond because of the scarcity of dollar paper on offer in the CEEMEA region so far this year.
Barclays, Citi and Goldman Sachs arranged the 10 year deal.
Lead managers started with price talk of 95bp area over swaps, before refining it to 90bp-95bp over and pricing at the tight end of guidance at a cash price of 99.512 and coupon of 2.875%. Israel’s outstanding 2020s
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