NIS 3 billion was raised this week by three concerns taking advantage of the low yields on government bonds. Long-term government bonds have risen 1.5% over the past month, and their yields fell by 0.1-0.2%.
Azrieli Group Ltd. (TASE: AZRG), Israel's leading income-producing real estate company, yesterday completed the institutional stage of its bond issue. The company ensured NIS 1.35 billion in proceeds for itself, after demand for its bonds topped NIS 2 billion, in an expansion of its B, C, and D bond series (index-linked bonds of 4.5-7 year duration). The public tender for the three series is scheduled for the coming days.
Another income-producing real estate company taking advantage of the auspicious market conditions was Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1), which raised NIS 430 million in the institutional stage of its offering through an expansion of its Series F bonds (index-linked bonds with a 5.8-year duration). The interest rate in the tender was 1.7%.
At the same time, Israel Electric Corporation (IEC) (TASE: ELEC.B22) completed the public stage of its bond issue, raising NIS 1.4 billion through an offering of two new bond series: Series 28 and Series 29. Demand for the bonds totaled NIS 2 billion.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 28, 2017
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