Israel

Israel reopened the CEEMEA bond market in style on Wednesday, placing a rare 20 year euro bond, part of a €2.25bn dual tranche offering, which enabled the issuer to tap into new investors.

Israel burst onto screens on Wednesday to open CEEMEA issuance for 2017. A popular name with investors, the 20bp premium offered at initial price thoughts seemed to go down well with the €6.5bn of orders submitted before lunch.

Latin American issuers are leading the charge to primary markets this year so far in emerging market bonds but Wednesday saw the first CEEMEA issuer to open books as Israel tried a dual tranche 10 and 20 year trade.

Israel became the first emerging market sovereign to put down a marker in the bond market this year with the announcement of a European roadshow next week.

The names of banks backing Indian firm Intas Pharmaceutical’s bid for the UK and Ireland assets of Teva Pharmaceutical Industries have emerged.

Shellanoo, the Israeli tech group backed by Roman Abramovich, will.i.am and Nikki Minaj, is preparing an IPO in Tel Aviv in September or October

Teva Pharmaceutical Industries has started a series of investor calls and meetings to market a triple currency bond that is expected to be one of the largest new issues of the year.

Rating: A1/A+/A

Israel printed a new 10 year bond and a tap of 2043s on Wednesday with only a small new issue concession and some of the biggest books seen so far this year for a CEEMEA bond.

Israel has tightened price guidance on its 2043s tap and new 10 year bond, both in dollars, in the hope of printing the deal later on Wednesday.

Israel has embarked on a US roadshow for a dollar bond, using the same three lead managers as it has done for its last two Eurobonds.

Teva Pharmaceutical Industries “just scraped home” with very tight pricing on the $33.75bn loan it signed on Monday. Only around half the banks invited participated because margins were so tight, said a banker close to the deal.