Bank Leumi completes pair of USD1b offerings
Bank Leumi completed an international issuance of CoCo bonds totaling USD 1 billion, marking another major cross-border capital markets transaction by an Israeli bank.
A bond series was issued for a term of 10.25 years, with a call option after five and at a 5.7% interest rate and 155 basis points spread, the lowest in the history of an Israeli bank issuance of CoCo bonds overseas. The issuance was led by major global investment banks including Goldman Sachs, J.P. Morgan, Citibank, Deutsche Bank, and Morgan Stanley.
Leumi also completed a dual-tranche USD 1 billion Senior Notes offering, sold to institutional investors from international markets. The offering comprises a USD 600 million 3-year tranche due 2029 and a USD 400 million 7-year tranche due 2033.
Herzog represented Bank Leumi on the transactions, with the team led by Ron Ben-Menachem, Irit Roth, Mohammad Mawasi, Dr. Ehab Farah, Hillel Billauer, and Eden Ressler.
White & Case also advised Leumi, led by Stuart Matty, Anna Soroka, Chad McCormick, Ece Kuregibuyuk, and Thor Fielland.
Chapman and Cutler represented trustee Reznik Paz Nevo Trusts Ltd., with Michael Friedman and John Hitt advising on both offerings.
