Commentary & Deal Flow

IPTs: 3yr: T+130a 7yr: T+150a

• Issuer: Bank Leumi Le-Israel BM
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) / A- (Stable) by Moody’s / S&P / Fitch
• Expected Issue Ratings: BBB+ (S&P) / A- (Fitch)
• Ranking: Senior Unsecured Notes constituting the Issuer’s direct, unsecured and unsubordinated obligations ranking pari passu without any preference among themselves and equally with the other series and all of the Issuer’s other unsecured and unsubordinated obligations from time to time outstanding, save as otherwise provided by law.
• Format: 144A / Reg S (Category 2)
• Size:
• • 3yr: US$ Benchmark
  • 7yr: US$ Benchmark
• Tenor:
• • 3yr: 3-Year
  • 7yr: 7-Year
• Maturity Date:
• • 3yr: 29-Jun-29
  • 7yr: 29-Jun-33
• Reference UST:
• • 3yr: T 4 1/8 15-Jun-29
  • 7yr: T 4 1/4 31-May-33
• IPTs:
• • 3yr: T + 130 bps area
  • 7yr: T + 150 bps area
• Optional Redemption:
• • 3yr: 1-month par call
  • 7yr: 3-month par call
• ISIN:
• • 3yr: IL0012433772
  • 7yr: IL0012433855
• Coupon: Fixed, SA, 30/360
• Tax Redemption: Redeemable at the option of the Issuer, in whole but not in part, at par upon occurrence of a Tax Event. See “Description of the Notes – Redemption of Notes” in the Preliminary Offering Memorandum
• Settlement Date: 29-Jun-26
• Use of Proceeds: The proceeds of the Offering will be used for (i) supporting the Group’s business growth; (ii) management of the Group’s foreign exchange exposure; and/or (iii) other general corporate purposes. See “Use of Proceeds” in the Preliminary Offering Memorandum
• Listing: Tel Aviv Stock Exchange Ltd. (TASE UP)
• Denominations: $200,000 + $1,000
• Clearing and Settlement: Euroclear and Clearstream (not DTC) – Settlement will be available only through Euroclear and Clearstream instructions (and not through TASE)
• Governing law: New York law, except for waiver of set-off and ranking provisions governed by the laws of Israel
• Selling Restrictions: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the EEA or the United Kingdom
• Global Coordinator: Goldman Sachs International (B&D)
• Joint Bookrunners: Goldman Sachs International (B&D), Barclays, Deutsche Bank, HSBC, Jefferies, and J.P. Morgan
• Local distributor: Barak Leumi Underwriters Ltd.
• Timing: Books open, today’s business
• Documentation: Standalone. Preliminary Offering Memorandum dated 22-Jun-26 (the “Preliminary Offering Memorandum”)