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Israeli shopping centre first to issue bonds

The Mall Ha'Yam shopping center in Eilat will be the first Israeli shopping centre to issue bonds when it taps institutionals for NIS 180 million ($40.4 million) in March.

SPC, a subsidiary created by Mall Ha'Yam Corporation to carry out the offering, will be leasing the mall's assets for 15 years and issuing bonds backed by the mall's anticipated cash flow. The bonds will be CPI-linked with an average duration of nine years. Maalot has given them an AA rating.

Gmul Sahar Underwriters, Leumi & Co., Hashmira Capital Markets and Capital Berger Underwriters are leading the offering.

While Mall Ha'Yam may be the first to issue bonds, it probably won't be the last. The Azrieli family, which controls the Azrieli chain of shopping centers, is reportedly thinking of floating the company on the Tel Aviv Stock Exchange.

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