Cellcom Helps Feed Corporate Bond Sales ‘Frenzy’: Israel Markets
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Israel’s lowest borrowing rates since 2009 are spurring a burst of corporate bond sales, with companies taking advantage of falling yields to recycle debt and pare expenses.
Companies from Mizrahi Tefahot Bank Ltd., the country’s fourth-largest bank, to Ashtrom Properties Ltd., a commercial real estate developer, raised 25.2 billion shekels ($7.3 billion) in the first five months of the year. That’s 50 percent more than the same period last year, and the most in the first five months of the year since 2007, according to Tel-Aviv Stock Exchange data. Cellcom Israel Ltd., the nation’s largest mobile phone provider, will be selling bonds for the first time since 2012, according to a bourse filing.