Mizrahi-Tefahot sells 1.4 bln shekels in bonds to institutions
JERUSALEM, Sept 1
JERUSALEM, Sept 1 (Reuters) - Israel's Mizrahi-Tefahot Bank said it raised 1.4 billion shekels ($388 million) in bond issues to institutional investors.
Mizrahi-Tefahot, Israel's largest mortgage lender, said on Sunday it sold two series of bonds, including one that was zero coupon, which does not pay interest but whose principal is linked to inflation.
Demand was about 2 billion shekels, it noted.
The bank expects to raise another 100 million shekels in bonds sales to the public on Monday.
The new series of four-year zero coupon bonds will return 1.02 percent, 0.73 percentage point above comparable Israeli government bonds.
It also expanded a series of five-year bonds that will pay 1.52 percent, 0.77 percentage point over comparable government bonds, said Mizrahi-Tefahot, which noted the bonds were rated "AA+" by Standard & Poor's Maalot.
($ = 3.61 shekels) (Reporting by Steven Scheer)
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