Israel

After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.

HSBC has opened a China desk in Israel to capture the growing trade and investment flows between the two countries.

Energean, the Mediterranean-focused oil and gas exploration company, has managed to successfully price its IPO on the London Stock Exchange after restructuring the deal as a club sale to four investors.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Energean, the Mediterranean oil and gas exploration company, could be worth as much as £812m when it lists on the London Stock Exchange later this month, according to the terms of the IPO.

Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.

Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

Israel Electric (IEC) shrugged off any concerns of contagion from the equity market rout earlier this week to print $1bn with no new issue premium on Wednesday.

Israel Electric revised pricing downwards on its 10.5 year bond issue on Wednesday as it looks to push out its curve.

Reverse enquiries led to two large share sales over the last week, with one of the blocks executed as a pure club transaction without the need for an accelerated bookbuild at all.

UBS led the biggest Israeli follow-on offering for almost three years on Tuesday morning on behalf of the Potash Corp of Saskatchewan, the Canadian potash producer that recently merged with Agrium to create Nutrien.

Taptica International, the London-listed Israeli digital marketing solutions company, has raised £21.8m to finance future M&A in a £38m share sale that attracted substantial demand. The deal also provided an opportunity for its investors to monetise some of their investment in the company.