| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | LUMIIT | Bank Leumi Le-Israel BM | $1,000 | 2 | EMEA | Jun 22, 2026 |
Bank Leumi le-Israel B.M. (LUMIIT) exp security ratings BBB+/A- (S&P/Fitch - s/s) (issuer ratings Baa1/BBB+/A- (s/s/s)) US$1bn 144A/Reg S 2-pt sr unsec notes (3y FXD due 06/29/2029 and 7y FXD due 06/29/2033). 1mo par call on 3y and 3mos on 7y. Tax call at par. Local distributor: Barak Leumi Underwriters Ltd. Governing Law: New York. Listing: Tel Aviv Stock Exchange. MiFID II/UK MiFIR professionals & ECPs only. Denoms: 200,000 x 1,000. UoP: The proceeds of the Offering will be used for (i) supporting the Group’s business growth; (ii) management of the Group’s foreign exchange exposure; and/or (iii) other general corporate purposes. Settle 06/29.
ISIN:
3y: IL0012433772
7y :IL0012433855
VIA GS (B&D) as Global Coordinator. Barc/DB/GS/HSBC/Jeff/JPM joint bookrunners.
Having just priced a 10.25 nc 5.25 T2 Sub (BBB-/BBB) on 6/2/26 ($1bn 5.742% due 09/09/36 (nc 31), the issuer returned today with a pair of senior notes.
Announced overnight as benchmark, final size came in at $1bn with price progression as follows:
- 3yr IPT T+130a; STL $600m T+110; PXD $600m 5.343% 6/23/29 100.00 5.343% T+110.
- 7yr IPT T+150a; STL $400m T+125; PXD $400m 5.642% 6/23/33 100.00 5.642% T+125.
The only recent senior bond in dollars from LUMIIT was the 5.125% due 07/27/27 - $500m 5yr pxd 7/20/22.
As such, comps away were the focus for f/v.
State of Israel (Baa1/A/A)
- ISRAEL 5.375% due 02/19/30 T+82bp (G82; $100.88) - $2.5bn pxd FEB 2025
- ISRAEL 4.500% due 01/13/31 T+83bp (G84; $97.53) - $2.25bn pxd 1/6/26 +90
- ISRAEL 5.500% due 03/12/34 T+82bp (G91; $101.05) - $3.00bn pxd MAR 2024
- ISRAEL 5.625% due 02/19/35 T+85bp (G90; $101.81) - $2.5bn pxd Feb 2025
- ISRAEL 5.000% due 01/13/36 T+91bp (G92; 96.94) - $2.0bn pxd JAN 2026
Banco Hapoalim (NR/BBB+/A-)
- HAPOAL 4.722% due 07/14/29 T+96bp (G96; $98.65) - $1.0bn pxd 1/7/26 +120
- HAPOAL 5.252% due 01/14/33 T+103bp (G105 $99.07) - $1bn pxd 1/7/26 +135
Mizrahi Tefahot Bank Ltd (NR/BBB+/A-)
- MZRHIT 5.049% due 01/28/31 T+104bp (G105; $98.86) - $700m pxd 1/22/26 +120
* HAPOAL July ‘29s G96; LUMIIT Jun ‘29s pxd T+110bp. LUMIIT 3yr 14bp back of HAPOAL ‘29s
* HAPOAL Jan ‘33s G105; LUMIIT Jun ‘33s pxd T+125bp. LUMIIT 7yr 20bp back of HAPOAL ‘33s
Not sure if differential vs HAPOAL would be the official NIC, however, so have to go CONCESSION N/A.
Final books:
$600m 3yr - $1.10bn (ex JLM); Books at launch $1.4bn (ex JLM)
$400m 7yr - $615m (ex JLM); Books at launch $900m (ex JLM)