Phoenix Financial Announces Successful Expansion of Bond Series

TEL AVIV, Israel, Jan. 27, 2025 /PRNewswire/ -- Phoenix Financial, a leading Israel-based asset management, insurance, and financials group (TLV: PHOE) ("Phoenix," the "Group," or the "Company"), announced the successful NIS 600 million expansion of Bond Series 5 and 6, following a shelf offering published earlier this month.

The expansion optimized group capital position and liquidity. The transactions for Bond Series 5 and 6, both part of the Tel Bond 100 index, were priced at spreads of 0.82 and 0.72 basis points over the risk-free rate, respectively. The offerings were oversubscribed with total demand for NIS 1.2 billion.

Bond Series 5 is CPI-Linked with 2.54% yield and duration of 4.25 years, while Series 6 is not CPI-Linked with 4.99% yield and duration of 4.21 years.

Phoenix Financial maintains a strong balance sheet and financial position, with AA ratings from Israeli credit agencies Midroog (Moody's affiliate) and Maalot (S&P affiliate). Group subsidiaries include Phoenix Insurance Company, with strong Solvency ratio, Phoenix Investment House, Phoenix Agencies, and Phoenix-Gama. 

Eyal Ben Simon, CEO of Phoenix Financial:

"The successful expansion of Bond Series 5 and 6 reflects market confidence in our financial position and growth potential. Building on our proven value creation and growth strategy, Phoenix continues to grow and deliver results across group businesses, further strengthening our strong balance sheet."

About Phoenix Financial
Phoenix Financial Ltd. is a leading Israel-based asset management, insurance, and financial group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include asset management, multi-line insurance, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing roughly $140 billion in assets, Phoenix accesses Israel's vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

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SOURCE Phoenix Financial Ltd.