IsraelDesks Weekly Roundup -August 18th 2023
Even amidst the turmoil in the #capitalmarkets and difficulties in raising funds at present, there was some relief this week as Fitch Ratings affirmed Israel’s A+ credit rating with a "stable" outlook.
Furthermore, debt finance has made further headlines as two Israeli stalwarts issued over a billion NIS in bonds. Israeli transport company Egged completed a NIS 494 million bond issue, advised by Goldfarb Gross Seligman Gornitzky GNY acted for Shikun & Binui Energy Ltd. in its own NIS 750 million bond offering. Innoviz Technologies also completed an upsized USD 65 million public offering ( Latham & Watkins and Naschitz, Brandes, Amir & Co. advising the Israeli issuer).?
Bank Leumi issued credit-linked notes (CLNs) valued at NIS 500 million, with Herzog as legal counsel, while the same bank completed a NIS 510 million facility agreement to finance #solar #energy projects, with ERM - Epstein Rosenblum Maoz acting for the bank. Meanwhile, Israel's #gaming industry was in the spotlight as US private equity firm Haveli Investments led a USD 100 million investment in prominent Israeli mobile games company Candivore, with FISCHER (FBC & Co.); Formerly Fischer Behar Chen Well Orion & Co advising Haveli and Herzog the Israeli start up.