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Max interest will be Libor + 1.25%, minimum Libor; Leumi & Co to lead offering
Bank Leumi (TASE: LUMI ) will be raising NIS 250 million to a billion shekel through offering deferred warrants to institutionals. The warrants, expiring in seven years, will be linked to the representative rate of the dollar and bear maximal interest of 1.25% above Libor. At worst, interest will not fall below Libor.
Minus commissions, the interest for institutionals will come to 1.38%, compared with the government's seven-year Gilboa bonds, which trade at interest of 1.31%.
Leumi & Co Underwriters will lead the offering of notes, which Maalot has rated AA+.
Interest will be payable every three months from July 1, 2003.
Institutionals will be offered between 187,000 to 750,000 units in a preliminary auction next Monday. Additional units, up to 15% of the entire offering, will be offered via auction to the general public, after the rate of interest above Libor is determined, conditional on that rate not exceeding 0.9%.
Bank Hapoalim (TASE: POLI ) is also planning an offering of deferred notes, though its terms have yet to be determined.
Their offerings are meant to pose an alternative to the government's dollar-based Gilboa bonds.