White & Case advises Bank Hapoalim on US$2 billion bond issuance

Global law firm White & Case LLP has advised Bank Hapoalim B.M. (Bank Hapoalim), one of Israel’s largest banks, on its US$2 billion bond issuance comprising US$1 billion 5.252% Senior Notes due 2033 and US$1 billion 4.722% Senior Notes due 2029.

“The White & Case team advised on a landmark transaction for Bank Hapoalim which highlights our cross-border capital markets capabilities and reflects our Firm’s longstanding presence in the Israeli market,” said White & Case partner Melissa Butler, who co-led the Firm’s deal team.

The transaction represents the largest foreign bond issuance by an Israeli bank to date, with demand reaching around US$7 billion from institutional investors across the US, UK and Europe, among others. The proceeds will be used for general corporate purposes and to diversify Bank Hapoalim’s funding sources.

“This is yet another landmark transaction and demonstrates the strength of the leading Israeli financial institutions and the country’s capital markets,” said White & Case partner Dan Turgel, head of the Firm’s Israel practice.

The notes were offered and sold pursuant to Rule 144A and Regulation S (Category 2) and were listed on the TASE UP system of the Tel Aviv Stock Exchange. Barclays, Citi, Goldman Sachs, Jefferies, J.P. Morgan, and Morgan Stanley acted as joint bookrunners on the transaction.

Established in 1921, Bank Hapoalim is a leading Israeli financial institution offering a broad range of services to retail, corporate and institutional clients, with a network of 160 branches and offices in Israel and internationally.

The White & Case team in London which advised on the transaction was led by partner Melissa Butler and legal consultant Jessica Oliver with support from partner Stuart Matty and associate Dimitrios Lyratzakis.

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