Registration: 144A/Reg S;

Israel Electric Corp Ltd (ISRELE) exp Baa1/BBB (s/s) US$500m (no grow) 144A/Reg S 10y notes due 2/21/32. MWC. 100 CoC. BNP/Barc (B&D) joint books. Ranking: General obligations by the company, secured by the Note Floating Charge. New York Law. The Note Floating Charge will be governed by, and construed in accordance with, the laws of the State of Israel. Docs: $7.5bn GMTN Programme. Pricing 2/15. Settle 2/21. IPTs: T+205 area. The Israel Electric Corporation ("IEC"), the sole vertically integrated electricity generation, transmission and distribution company in Israel, 99.85% owned by the State, and rated Baa1 (stable) by Moody's and BBB (stable) by S&P, has mandated Barclays and BNP Paribas to arrange a Global Investor Call and a series of fixed income investor calls commencing on Wednesday 9th February. A US$ benchmark 144A / Reg S 10-year notes offering will follow, subject to market conditions. FCA / ICMA stabilization applies.

ISRAEL ELECTRIC CORP]

Israel Electric Corp Ltd "ISRELE" (Baa1/BBB (s/s) hit the market today with US$500m (no grow) 144A/Reg S 10y notes due 2/21/32. MWC. 100 CoC. Ranking: General obligations by the company, secured by the Note Floating Charge. New York Law. The Note Floating Charge will be governed by, and construed in accordance with, the laws of the State of Israel. Docs: $7.5bn GMTN Programme. Settle 2/21.

VIA BNP/Barc (B&D) joint books.

Having held calls on Feb 9, the deal was announced overnight as $500m WNG with IPTs at T+205a.

Guidance came in at T+190a, and then was revised to 180a +/- 5.

Ultimately, the $500m deal priced at T+175bp.

PRICED: $500m 3.75% 2/21/32 99.686 3.788% T+175.

As for r/v, the main comp on today's deal was the ISRELE '28s, but they were quoted in a pretty range of G113 to G121

ISRELE 5.000% due 11/12/24 T+85bp (G70; $106.79) - $1.25bn pxd Nov '14
ISRELE 4.250% due 08/14/28 - $1bn pxd Feb '18
Some were at: T+120bp (G113; $106.50)
Others at: T+128bp (G121; $106.02)
Mid-point: T+125bp (G117; $106.25)

ISRAEL curve shows Jan '28s to Jul 30s at about a 13bp curve. Doubling that to 2032 would leave you with a 26bp 5s/10s curve. However, for Israel Electric, some felt the curve was more like 40-45bp. That would put f/v right around T+160bp. At the T+175bp pricing level, CONCESSION IS 15BP.

ISRAEL (A1/AA-/A+)
- 3.250% of Jan '28 G48 - $1bn
- 2.500% of Jan '30 G60 - $1bn
- 2.750% of Jul '30 G61- $2bn
- 3.375% of Jan '50 T+122bp - $2bn
- 3.875% of Jul 50s T+123bp - $2bn

Final book not available.