Israel

Reverse enquiries led to two large share sales over the last week, with one of the blocks executed as a pure club transaction without the need for an accelerated bookbuild at all.

UBS led the biggest Israeli follow-on offering for almost three years on Tuesday morning on behalf of the Potash Corp of Saskatchewan, the Canadian potash producer that recently merged with Agrium to create Nutrien.

Taptica International, the London-listed Israeli digital marketing solutions company, has raised £21.8m to finance future M&A in a £38m share sale that attracted substantial demand. The deal also provided an opportunity for its investors to monetise some of their investment in the company.

Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.

Investors piled in excess of $12.5bn orders into a dual tranche dollar trade for Israel on Wednesday, the largest level of oversubscription the sovereign has ever experienced.

The State of Israel opened books on Wednesday for a dual tranche dollar note that will extend its curve by an extra five years.

Israel has returned to dollars for its first trade of 2018, picking leads for a dual tranche 10 and/or 30 year bond.

Israel Electric Corp will head out on a US roadshow next week, with the company meeting fixed income investors two months after worker strikes saw operating cash flow at the firm dip into negative territory.

The non-US women's health unit of Israel’s Teva Pharmaceutical Industries is mulling the option of issuing its first term loans in euros to fund its buyout by private equity firm CVC.

Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.

Shares in Taptica International, the London-listed Israeli digital marketing solutions company, closed 5.4% lower on Wednesday after three investors sold a 16.9% stake for £39.5m, through an accelerated bookbuild on Tuesday night.

Israeli energy company Delek Group has mandated two banks to lead the syndication of a $1.75bn loan which will back its drilling operations in the recently discovered Leviathan natural gas basin in the Mediterranean.