| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | UTIL | PRCD | ISRELE | Israel Electric Corp Ltd | $500 | 1 | EMEA | Jan 21, 2026 |
The Israel Electric Corp Ltd (ISRELE) exp Baa2/BBB+ (n/s) US$500m (no grow) 144A/Reg S 12y FXD sr secured notes due 1/28/38. CoC put option if the Company ceases to be directly or indirectly Controlled by the Government. Coupon: Fixed, Payable semi-annual in arrear, 30/360. Denoms: $200,000 x $1,000. Listing: TASE-UP. Clearing: Euroclear / Clearstream. Benchmark: T 4 11/15/35. UOP: The Company intends to use the net proceeds of the Notes to finance the Company’s capital investment program, to refinance existing debt and or other corporate purposes as the Company may determine. Pricing 1/21. Settle 1/28. ISIN: 0012349887IL.
VIA Barc/Citi (B&D) joint books.
Announced as $500m no grow, we heard initial thoughts as T+170 area.
Ultimately, a $500m deal priced as follows:
$500m 5.633% 1/28/38 100.00 5.633% T+135.
As for r/v, we heard the Israeli Sovereign was the most relevant comp:
Israel Government International Bond (Baa1/A)
-ISRAEL 5.000% due 01/13/36 T+91bp (G90; $98.50) - $2bn pxd 01/06/26 +100
-ISRAEL 5.875% due 01/13/56 T+117bp ($97.49) - $1.75bn pxd 01/06/26 +125
*** ISRAEL Jan ‘36 G90, call 10y f/v at 90bp. Add 10bp for 10s/12s curve gets 12yr f/v at 100bp.
Sovereign differential worth around 40bp which points to f/v around T+140bp. At the T+135bp pricing level, CONCESSION IS NEG 5BP.
FINAL BOOK:
$500m 12yr - $5.000bn (10.00x) - PEAK $5.000bn
| CFR CREDIT CLOSE: Regional Banks Carry the Day | Jan 21, 2026 |