November 28, 2018 / 4:24 PM / 18 days ago

Israel's Bank Hapoalim to raise more than $500 mln in bond sale

JERUSALEM, Nov 28 (Reuters) - Bank Hapoalim, Israel’s largest lender, said on Wednesday it had accepted pre-commitments of 2 billion shekels ($536 million) from institutional investors as part of a two-stage bond issue.

The bank will offer the 6-year bonds, which will be used for general liquidity purposes, to the public on Thursday.

Midroog, the Israeli affiliate of Moody’s Investors Service, rated the offering of up to 2.5 billion shekels ‘Aaa’, while Standard & Poor’s Maalot rates the offering ‘AAA’.

The inflation-linked bonds will pay annual interest of 1.75 percent, 0.89 percent above comparable Israeli government bonds.

$1 = 3.7307 shekels Reporting by Steven Scheer; Editing by Mark Potter

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