Israel

Israel sees long dated issuance as an important part of its ‘strategic issuance plan’, according to sources in its Ministry of Finance. Last week, the sovereign returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement

Israel has returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement.

Teva Pharmaceutical Industries has completed a $2.3bn loan syndication, to replace a $3bn revolving credit facility.

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Emerging markets got off to a cracking start for the year this week with a slew of sovereign deals hitting screens. High quality, low beta sovereigns Israel and Slovenia began proceedings with impressive euro deals.

Israel rounded out an immensely successful opening week of 2019 for emerging market sovereign bond issues with its largest deal ever. The borrower raised €2.5bn of 10 and 30 year debt, pushing out its curve and printing at its tightest ever spread for a euro deal.

Israel hit the market on Wednesday with a dual tranche euro deal, looking to test demand at the long end of the yield curve. The country’s reputation as a quality issuer appears to have carried it through.

Israel has opened the CEEMEA primary bond market for the year, mandating three banks for a euro denominated 10 year and/or long dated benchmark Reg S note.

Shari Arison, the Israeli billionaire, increased the size of a share sale in Bank Hapoalim, the largest bank in Israel, to satisfy investor demand for the stock.

Arison Holdings, a vehicle for Shari Arison, the Israeli billionaire, has reopened the EMEA equity blocks market after the weekend with the sale of a 3.7% in Bank Hapoalim, the largest bank in Israel.

Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.

Israel Chemicals navigated a difficult market, which saw a pulled investment grade deal, to print a rare 20 year bond combined with a buy-back.