Commentary & Deal Flow

Mizrahi-Tefahot Bank Ltd (MZRHIT), exp BBB+/A- by S&P/Fitch, US$ benchmark 144A/Reg S (Cat 2) 5y FXD sr notes due 1/28/31. GS (B&D)/HSBC/Jeff as JGCs and active JBRs. 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). IPTs: T+155 area.