Bank Hapoalim is planning to raise NIS 1 billion in a debt offering next week, according to sources. The bank will issue tradable bank deposit rated bonds, i.e. a higher rating than most of the capital notes and deferred warrants that the bank has issued in the past.
Bank deposit rated bonds are rate AA+, compared with an AA rating for most capital notes and deferred warrants, which fell by up to 0.5% on Monday.
Sunday's debt offering by Elco Holdings Ltd. unit Electra Real Estate Ltd. saw weak demand, and the company raised NIS 56 million in an expanded offering of its Series 3 bonds. The company earlier received an A- rating for a debt issue of up to NIS 120 million, but sources close to the company said that it planned to raise NIS 70-80 million; even so, it missed its target.
A quarter of the offering, NIS 15 million, came from the underwriters, Leumi Partners Ltd. and Discount Underwriting and Issuing Ltd.