Related Parents
Related Issuers
by Chris Reich
Jan 08, 2026 11:13 AM ET
Mizrahi-Tefahot Bank Ltd (MZRHIT), exp issue ratings BBB-/BBB by S&P/Fitch (issuer ratings BBB+/A- by S&P/Fitch), US$ benchmark 144A/Reg S (Cat 2) 10.25nc5.25 fixed rate reset Tier 2 subordinated notes due 4/15/36. Reset Date: 4/15/31. GS (B&D)/HSBC/Jefferies as JGCs/JBRs. Interest: Fixed rate, payable semi-annually in arrear at [•]% per annum from the Issue Date to the Reset Date. From and including the Reset Date to (but excluding) the Maturity Date, the sum of the US Treasury Rate determined on the Reset Determination Date and [•] bps. Optional Redemption: Redeemable at the option of the Issuer, in whole but not in part, at par at any time during the period commencing on (and including) 15 January 2031 (three months before the Reset Date) and ending on (and including) the Reset Date, subject to certain conditions including regulatory approval, if then required. Special Event Redemption: redeemable at the option of the Issuer, in whole but not in part, at par upon occurrence of a Regulatory Event or a Tax Event, subject to certain conditions including regulatory approval, if then required. UOP: gcp. Pricing 1/8. Settle 1/15.
IPTs: T+240 area.
GUIDANCE: T+210#.
LAUNCHED: $750m 10.25nc5.25 at T+210. Books >$2.5bn.
OTHER:
Status | Tier 2 Subordinated Notes unsecured and subordinated, ranking junior to all senior instruments, pari passu amongst themselves and with other Tier 2 Instruments, and senior to Additional Tier 1 instruments (should any instruments be issued in the future by the Issuer) and ordinary shares and preference shares |
Trigger Event | The earlier of:
|
Loss Absorption | If a Trigger Event for Principal Loss Absorption occurs, then the outstanding principal amount of the Notes will be written down by an amount sufficient to restore the Issuer’s CET 1 Ratio to 5%. Such a write-down will be pro-rata with the other Tier 2 Securities with similar loss absorption features. If a Trigger Event for Non-Viability occurs, then the principal amount of the Notes will be written down in full. |
Denominations | $200k x 1k |
Listing | Tel Aviv Stock Exchange (TASE-UP) |
Use of Proceeds | General corporate purposes |
Documentation | Standalone, Preliminary Offering Memorandum dated 7 January 2026 |
Governing Law | New York law, except for waiver of set off and subordination provisions governed by the laws of Israel |
ISIN | IL0012338088 |
Selling Restrictions | MIFID II AND UK MIFIR - PROFESSIONALS/ECPS-ONLY / NO PRIIPS OR UK PRIIPS KID – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK. No sales to retail clients (as defined in COBS 3.4) in the UK. No sales to retail clients in the EEA, as defined under MiFID II. No sales to investors in Israel who do not qualify as institutional investors under the First Addendum to the Israeli Securities Law or who have not been approved as qualified institutional investors by the Israel Securities Authority according to the Israeli Securities Law. |
Sales into Canada | Yes - Exemption |
Stabilization | FCA/ICMA |