Commentary & Deal Flow

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. Barc/Citi (B&D) joint books. 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. IPTs: T+170 area.