Delshah Capital NIS400 million two tranche bond issue

Investment grade bond/note issue

NIS 400 million

$ 102 million




  • New York based real estate investor Delshah Capital raised around NIS400 million (around $102 million) through a two tranche bond trading on the Tel Aviv Stock Exchange (TASE). 
  • The two tranches were one unsecured of around $40 million 6.8% notes maturing 2021, and one secured of around $61 million 4.6% notes maturing September 2023. 
  • Proceeds from the bond will be used to invest in the company's existing portfolio and for new acquisitions. 
  • US real estate company's issuing bonds in Israel has become common, thanks largely to the appetite for these issues from Israel's mutual funds, which are only permitted to buy shekel-denominated bonds trading on TASE and are attracted by the relatively high interest rates by local standards. 
  • Clal Finance Underwriting was manager of the issue.
  • Delshah's financial advisor was InFin. 

Ben Naylor - Regional editor



Deal type:

Investment grade bond/note issue

Practice area:

Capital markets : Debt

Governing law:


Industry sectors:

Investment management
Real estate


Party: Delshah Capital (Issuer)

Lawyer: Amir Tzafrir

Party: Delshah Capital (Issuer)