Commentary & Deal Flow

Bank Hapoalim BM (HAPOAL), exp issue ratings BBB+/A- by S&P/Fitch (issuer ratings Baa1/BBB+/A- (n/s/s), US$ benchmark 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. IPTs: 3.5y T+150 area, 7y T+170 area.