Bank Hapo Alem (TASE: POLI) Reported on Friday that it had completed an international private placement of $ 1 billion of Conditional Convertible Bonds (CoCo) with financial institutions. Bond demand totaled $ 2.6 billion.
The maximum term of a bond is 10.25 years and the annual interest rate is 3.255%.
To diversify the bank’s investor base and optimize its capital structure, Bank Hapo Alime Green bond principles Of the International Capital Markets Association (ICMA), the first issue of this kind in Israel. Banks use the proceeds of their offerings to fund environmentally friendly projects in renewable energy, green transport, green construction, waste recycling, and energy efficiency.
Bonds are listed for trading by institutions on the Tel Aviv Stock Exchange.
The placement was managed by Barclays, JP Morgan, Citi, Morgan Stanley, Jeffreys, and Poalim IBI, an Israeli distributor.
Dov Kotler, CEO of Bank Hapoalim, said: Optimize the management of that capital.
Israeli Business News, Published by Gloves- en.globes.co.il -October 17, 2021
Copyright of Globes Publisher Itonut (1983) Ltd.2021
Hapoalim raises $ 1 billion in green CoCo bond placement
https://en.globes.co.il/en/article-1001387521#utm_source=RSS Hapoalim raises $ 1 billion in green CoCo bond placement