Israel’s Bank Leumi taps banks, sets roadshow for inaugural dollar benchmark of tier 2 notes

By Rebecca Melvin

New York, Jan. 14 – Bank Leumi le-Israel B.M. has selected banks and scheduled fixed-income investor meetings for an inaugural U.S. dollar-denominated benchmark offering of 11-year tier 2 subordinated notes (expected ratings: /BBB/BBB), according to a syndicate source.

The notes are non-callable for six years.

The bank mandated Citigroup, BNP Paribas, HSBC and Morgan Stanley as joint bookrunners for the Rule 144A and Regulation S deal. Citigroup is global coordinator and structuring adviser.

The deal will price subject to market conditions following meetings held in the United States and London beginning on Wednesday.

Bank Leumi is based in Tel Aviv and is one of Israel's largest financial institutions.

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