We advised Mizrahi Tefahot Bank on its debut Rule 144A / Regulation S Tier 2 subordinated debt offering

Davis Polk advised Mizrahi Tefahot Bank Ltd in connection with its debut Rule 144A / Regulation S offering of $600 million aggregate principal amount of Tier 2 subordinated notes due 2031. Mizrahi Tefahot Bank intends to use the proceeds from the offering for its general corporate purposes.

Mizrahi Tefahot Bank Ltd, listed on the Tel Aviv Stock Exchange, is engaged in commercial banking (business and retail) as well as mortgage activities in Israel. The Mizrahi Tefahot Bank Group is one of the three largest banking groups in Israel based on the value of its total assets, and is the largest mortgage provider in Israel.

The Davis Polk corporate team included partners Michael Kaplan and Reuven B. Young, counsel Connie I. Milonakis and associate Alexander W. Simmonds. Counsel Alon Gurfinkel and associates Veronica Davis and Summer Xia provided tax advice. European counsel John Taylor and associate Mark Chalmers provided U.K. and European Union law advice. Members of the Davis Polk team are based in the New York and London offices.