| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | MZRHIT | Mizrahi Tefahot Bank Ltd | $700 | 1 | EMEA | Jan 22, 2026 |
Mizrahi-Tefahot Bank Ltd (MZRHIT), exp BBB+/A- by S&P/Fitch, US$700m 144A/Reg S (Cat 2) 5y FXD sr notes due 1/28/31. Optional Redemption: Redeemable at the option of the Issuer, in whole but not in part, at any time during the period commencing on (and including) 28 December 2030 (1 month before the Maturity Date) and ending on (and including) the Maturity Date at 100% of the then outstanding principal amount together with accrued but unpaid interest, if any, on the then outstanding principal amount of the Notes to, but excluding, the date fixed for redemption. Tax Redemption: Redeemable at the option of the Issuer, in whole but not in part, at par upon occurrence of a Tax Event. Denoms: $200k x 1k. Listing: Tel Aviv Stock Exchange (TASE-UP). Governing Law: New York law, except for waiver of set off and ranking provisions governed by the laws of Israel. Sales into Canada: Yes - Exemption. UOP: gcp. Pricing 1/22. Settle 1/28 (T+4).
VIA GS (B&D)/HSBC/Jeff as JGCs and active JBRs.
Announced with benchmark size, we heard initial thoughts as T+155 area
Spread set at T+120# Books >$3bn.
Ultimately, a $700m deal priced as follows:
$700m 5.049% 1/28/31 100.00 5.049% T+120.
As for r/v, we heard recently price HAPOAL with same ratings was the relevant comp:
Bank Hapoalim BM (NR/BBB+/A-)
-HAPOAL 4.723% due 07/14/29 T+112bp (G108; $99.75) - $1bn pxd 01/07/26 +120
-HAPOAL 5.252% due 01/14/33 T+126bp (G126; $99.70) - $1bn pxd 01/07/26 +135
*** Jul ‘29 G108, call 3y f/v at 105bp. Jan ‘33 G126, call 7y f/v at 126bp. Call 5yr f/v in between at T+115bp. At the T+120bp pricing level, CONCESSION IS 5BP.
Mizrahi Tefahot Bank Ltd (NR/BBB-/BBB)
-MZRHIT 5.8367% Sub due 04/15/36 nc31 T+183bp (G183; $100.68) - $750m pxd 01/08/26 +210
Israel Government International Bond (Baa1/A/A)
-ISRAEL 4.500% due 01/13/31 T+80bp (G80; $99.33) - $2.25bn pxd 01/06/26 +90
FINAL BOOK:
$700m 5yr - $2.200bn (3.14x) - PEAK $3.000bn