DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 400,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 60 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Israel Electric switches on EM investors with super-tight $500m

February 9, 2012 You can access the full text of this article on Euroweek website
Israel Electric Corp, the country’s monopoly electricity supplier and distributor, priced a $500m five year bond late on Tuesday at a yield of 6.7%, inside guidance of 6.875%. The 144a Reg S deal was issued at par after attracting over $3.3bn of orders from 225 investors.

Barclays Capital and UBS were bookrunners. Sources close to the deal claimed the bond had priced 10bp tighter than fair value for a new February 2017 deal.

“There can't have been many - if any - emerging market borrowers that have priced with a negative new issue premium this year,” said Fergus Edwards, head of emerging markets syndicate at UBS in London. “It’s a genuine through-the-curve print; and as the first deal from Israel Electric in several years, it has helped refresh their entire curve and provided an on-the-run benchmark.”
  • Status
    redeemed
  • Country of risk
    Israel
  • Redemption (put/call option)
    *** (***)
  • Amount
    500,000,000 USD
  • М/S&P/F
    — / — / —
Company — Israel Electric
  • Full name
    Israel Electric Corporation
  • Registration country
    Israel
  • Industry
    Power