Demand of NIS 1.33 billion in the Property and Building bond raising

Natalie Mishan Zakai, CEO of the Department of Internal Affairs and Properties and Building

In difficult market conditions, almost all institutional entities decided to participate in the debt issuance – the company will actually raise NIS 1.26 billion, at an interest rate of 3.62%.

Successful Property and Building Bond Raising: Yesterday, an institutional tender was held for the issuance of a new series of property and building bonds, backed by shares of the subsidiary Gav-Yam.

The institutional entities poured in a total of approximately NIS 1.33 billion for the raising – almost all the institutions chose to participate in the issuance, hence the excess demand. The company chose to accept orders totaling approximately NIS 1.26 billion at a closing interest rate of 3.62%.

Natalie Mishan Zakai, CEO of DKS and Properties and Building, said: “The success of the offering is a very significant expression of trust by the institutional bodies, both in Properties and Building and in Gav Yam, whose shares serve as collateral for the bonds. The raising will allow Properties and Building financial flexibility in managing its debt and the ability to manage cash flow without financing pressures.”

Vali Base and Phoenix Underwriting led the offering.