Hanan Friedman (Magma Images Photo, Oren Dai)
Following the flood of bank borrowings at the end of last year, Bank Leumi last night raised NIS 3.2 billion in the issuance of two series of bonds. 69 points in the medium series and 79 points in the long series.
It should be noted that bank issues are a “hot commodity” for institutional investors even if they are not market-stirring. In principle, these are large series that are fully purchased by the institutions that hold significant liquidity surpluses and a bank bond can be a substitute for them for government bonds with a small yield increase.
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It should also be noted that the offering took place under difficult market conditions, ie after several days of declines in the US that negatively reflected the domestic capital market and caused a slight increase in bond yields. But again, and this should be kept in mind, it is a high-rated bank bond that pays a slightly higher yield than its corresponding government.
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