Bank Hapoalim raises $ 1 billion in a private placement of green COCO bonds

Bank Hapoalim raises $ 1 billion in a successful international private placement of green COCO bonds, for the first time in Israel.
Against the background of the Bank's accelerated growth trend, according to his announcement, and out of a desire to diversify the investor base and optimize the capital structure, Bank Hapoalim today completed the $ 1 billion international pricing process for institutional investors. Among institutional investors in the US, the EU, the UK and other countries around the world.
The offering has garnered more than $ 2.6 billion in demand from dozens of leading investment firms around the world.
The issue is of COCO (Deferred Debentures) convertible bonds for a maximum period of 10.25 years and an annual interest rate of 3.255%.
For the first time in Israel, green COCO (Green Bond) bonds have been issued in accordance with international principles for ICMA green bonds. The Bank intends to use an amount equal to the IPO in favor of financing environmentally friendly green projects in the areas of renewable energy, green transportation, green construction, waste recycling and energy efficiency.
The unique offering, made for the first time in Israel by Bank Hapoalim, supports the Bank's aspiration to continue to promote financing and investments in green infrastructure in Israel and to help achieve the State of Israel's goals in the transition to a low-carbon economy.
The promissory notes will be listed for trading in the "Institutional Sequence" system on the Israel Stock Exchange. The offering was led by the international underwriters Citi, JP Morgan, Barclays, Morgan Stanley, Jeffries, and the Israeli distributor Poalim IBI.
Bank Hapoalim CEO Dov Kotler: "The high demand in the offering is further evidence of the bank's leadership and the great trust the bank is gaining in the international financial markets. The capital raised will enable the bank to continue its accelerated growth trend and create optimization in its capital management. "