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Israel's Mizrahi-Tefahot expect above 3.5 bln shekels from bond sale
September 26, 2017 / 8:48 AM / 3 months ago

Israel's Mizrahi-Tefahot expect above 3.5 bln shekels from bond sale

JERUSALEM, Sept 26 (Reuters) -

* Mizrahi-Tefahot, Israel’s third-largest bank, said on Tuesday it expects to raise more than 3.5 billion shekels ($993 million) in a bond offering from institutions and the public.

* The bank said demand from institutions on Monday reached 7 billion shekels, four times the amount it had planned to raise.

* As part of the offering, Mizrahi is selling two new bond series of seven and 10 years and widening an existing series of inflation-linked bonds repayable in 2030.

* The new bonds will pay interest of 0.86 percent to 1.22 percent, 0.71-0.81 percentage points above comparable Israel government bonds.

* The bonds are rated “AAA” with a “stable” outlook by Standard & Poor’s Maalot.

* The offering to the general public will take place in the coming days.

* ($1 = 3.5247 shekels) (Reporting by Steven Scheer)

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