TEL AVIV, Jan 31 (Reuters) - Israeli real estate developer Azrieli Group said on Wednesday it raised 1.4 billion shekels ($411 million) in a bond offering to institutional investors.
Demand for the 6.2-year, inflation-linked bonds - a widening of an existing series - exceeded 2 billion shekels. The average yield set in a tender was 0.94 percent.
The bonds are rated “Aa1” with a stable outlook by Midroog, the Israeli affiliate of Moody’s Investors Service.
Azrieli said it will complete the bond offering in the coming days with a tender to broader public. ($1 = 3.4076 shekels) (Reporting by Tova Cohen; Editing by Steven Scheer)