Israel's Bank Hapoalim eyes 1.25 billion shekel bond issue

JERUSALEM, March 19 (Reuters) -

* Bank Hapoalim, one of Israel’s two largest banks, said on Tuesday it received credit ratings for a two-part bond offering of up to 1.25 billion shekels ($347 million).

* Hapoalim, according to ratings posted on the Tel Aviv Stock Exchange by the bank, is considering widening an existing series of bonds by as much as 1 billion shekels.

* It may also issue up to 250 million shekels of contingent convertible bonds (CoCos).

* Ahead of the possible issue, Midroog -- the Israeli affiliate of Moody’s Investors Service -- gave an ‘Aaa/stable’ rating for the widening of the series and ‘Aa3/stable’ rating for the CoCos.

* Standard & Poor’s Maalot rates the offering ‘AAA’ and ‘AA’, respectively, with “stable” outlooks.

* In December, Hapoalim raised 2.1 billion shekels in a bond offering.

* Last week it said it would list shares of credit card unit Isracard -- valued at 3 billion shekels -- on the Tel Aviv Stock Exchange.

* ($1 = 3.6048 shekels) (Reporting by Steven Scheer, Editing by Ari Rabinovitch)