| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | HAPOAL | Bank Hapoalim BM | $2,000 | 2 | EMEA | Jan 7, 2026 |
Bank Hapoalim BM (HAPOAL), exp issue ratings BBB+/A- by S&P/Fitch (issuer ratings Baa1/BBB+/A- (n/s/s), US$2bn 144A/Reg S (Cat 2) 2-part sr notes (3.5y due 7/14/29 and 7y due 1/14/33). 1mo par call on 3.5y (6/14/29) and 3mos on 7y (10/14/32). Barc/Citi/GS/Jeff/JPM (B&D)/MS joint books. Tax Redemption: Upon the occurrence of a Tax Event, as defined in the Preliminary Offering Memorandum, redeemable at the option of the Issuer at par. Listing: Tel Aviv Stock Exchange (TASE UP). Denoms: USD 200,000 x USD 1,000. Clearing and Settlement: Euroclear and Clearstream (not DTC). Governing law: New York Law, except for the waiver of set-off and ranking provisions in the Indenture and the Notes, governed by the laws of Israel. Additional Amounts - Tax: all payments of principal, interest, and premium will be made without deduction for Israeli taxes, unless required by law. If any such taxes are withheld, the Issuer will, subject to certain exceptions, pay additional amounts so investors receive the full amount as if no taxes had been withheld. UOP: gcp. Pricing 1/7. Settle 1/14. ISIN: 3.5y: IL0012343849, 7y: IL0012338161.
VIA Barc/Citi/GS/Jeff/JPM (B&D)/MS joint books.
Announced overnight with benchmark size, final size came in at $2bn with priced progression as follows:
3.5yr – IPT 150a; GDNC 120#; PXD $1bn 4.722% 7/14/29 100.00 4.722% T+120.
7yr – IPT 170a; GDNC 135#; PXD: $1bn 5.252% 1/14/33 100.00 5.252% T+135.
As for r/v, this is a debut senior benchmark 144a/Reg S trade from Bank Hapoalim.
Banco Hapoalim did do a 144a / Reg S 10.25nc5.25 Green Fixed Rate Reset T2 144a/Reg S on 10/14/21 (BBB-/BBB-) - $1bn HAPOAL 3.255% due 1/21/32 - callable 10/21/26). No way to factor a NIC from this outstanding.
Meanwhile, the last senior trade from an Israeli bank was Israel Discount Bank in Jan 2023 ($800m IDBILI 5.375% due 01/26/28) – old and illiquid.
Bottom line, CONCESSION ON TODAY’S DEAL IS DEBUT / NA
FINAL BOOKS:
$1bn 3.5yr - $2.7bn (2.7x) – PEAK $2.950BN
$1bn 7yr - $4.2bn (4.2x) – PEAK $4.600BN