Phoenix Group Raises NIS 500m Through COCOs
Categories: Capital Markets
The Phoenix Group has completed an issuance of deferred undertakings (COCOs), which are additional Tier 1 capital instruments of Phoenix Insurance Company Ltd., linked to the index, raising NIS 500 million.
The issuance drew exceptional demand exceeding NIS 500 billion, with participation from many of Israel’s leading institutional investors. This follows Phoenix’s 2023 milestone as the first company in Israel to list such Tier 1 capital instruments on the Tel Aviv Stock Exchange.
Herzog advised Phoenix, with the team led by partner Alina Schechter, alongside associate Ofri Mor and interns Eden Ressler and Amir Dadon.
