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First issuance of credit-linked notes in Israel

10 August 2023

Congratulations to Bank Leumi on completing a first-of-its-kind credit linked debt offering, in which Bank Leumi offered CLNs (Credit-Linked Notes) with a par value of NIS 500 million to institutional investors, listed on the institutional list on the Tel-Aviv Stock Exchange.

This credit linked debt offering involved the listing of one of the most innovative and intricate financial instruments to the Israeli institutional market, primarily designed to reduce the bank’s credit risk exposure in the real estate sector.

This unique offering, which was oversubscribed (in excess of NIS 800 million), was led by our partners Nir Dash, Natalie Jacobs and Reut Alcalay, alongside our associate Ori Oren and intern Yuval Shitrit, in a process of over a year and in cooperation between Herzog’s Corporate & Securities department and Banking department.

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