Bank Leumi completes first issuance of credit–linked notes in Israel
Bank Leumi has completed a first-of-its-kind credit linked debt offering, in which the bank offered CLNs (Credit-Linked Notes) with a par value of NIS 500 million to institutional investors. The CLNs will be listed on the institutional list on the Tel Aviv Stock Exchange.
This credit linked debt offering involved the listing of one of the most innovative and intricate financial instruments to the Israeli institutional market, primarily designed to reduce the bank’s credit risk exposure in the real estate sector.
This unique offering, which was oversubscribed (in excess of NIS 800 million), was led by Herzog partners Nir Dash, Natalie Jacobs and Reut Alcalay, alongside associate Ori Oren and intern Yuval Shitrit, in a process lasting more than a year.
