• Most Popular
  • Most Shared

Mizrahi Bank raises 494 mln shekels in notes issue

Thu Oct 29, 2009 9:31am EDT

Stocks

   

JERUSALEM, Oct 29 (Reuters) - Mizrahi-Tefahot (MZTF.TA), Israel's fourth-largest bank, said on Thursday it raised 494 million shekels ($132 million) in an offering of notes to institutional investors and the public.

The bank said demand for the deferred capital notes was very strong, resulting in it increasing the amount of the offering from an initially planned 150 million shekels.

Mizrahi-Tefahot, one of Israel's most financially sound banks due to its conservative lending practices, sold 400 million shekels to institutions and the rest to the public.

The notes will pay interest of 3.35 percent.

The bank said in a statement the funds raised will help meet its capital needs and contribute to its capital adequacy ratio.

It had a capital adequacy ratio of 12.24 percent at the end of the second quarter, above a demand from Israel's bank regulator to have a ratio of at least 12 percent by year end.

($1=3.75 shekels)

(Reporting by Steven Scheer; editing by Simon Jessop)



More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    In this photo reviewed by the U.S. Military, a guard leans on a fencepost as a Guantanamo detainee (L) jogs inside the exercise yard at Camp 5 detention center, at the U.S. Naval Base in Guantanamo Bay, January 21, 2009. REUTERS/Brennan Linsley/Pool

    Life after Guantanamo

    Critics are worried that Gitmo prisoners once dubbed "enemy combatants" will be using prisons as pulpits for anti-American rhetoric once they're moved to U.S. soil.  Full Article 

    U.S.
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit