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Article: Business in brief
- Article from:
- Jerusalem Post
- Article date:
- January 21, 2004
- Author:
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Zev Stub, Mati Wagner
Jerusalem Post
01-21-2004
Headline: Business in brief
Byline: Zev Stub, Mati Wagner
Edition; Daily
Section: Economics
Page: 16
Wednesday, January 21, 2004 -- Hapoalim to raise NIS 350m.
Bank Hapoalim Ltd. said Tuesday it will raise NIS 350 million by selling hybrid capital in the form of subordinated notes to institutional investors.
The issue of the 99-year securities, which are considered tier-1 capital, is the first of its type in Israel. Hybrid tier-1 notes are considered riskier, and are usually issued by only the most stable banks. Hapoalim issued hybrid tier-2 notes two years ago.
The notes will be convertible into shares of the bank, but will not be guaranteed. Its ...
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