Mizrahi Tefahot Bank Ltd., the third-largest Israeli lender, raised 675 million shekels in a contingent convertible bond offering to institutional investors, Reuters reported.

The notes will mature in 2027, with a 1.06% maximum interest rate at the institutional stage, the Dec. 14 report said, adding that the lender was considering raising the amount to 770 million shekels after the transaction received demand of nearly 1 billion shekels.

As of Dec. 14, US$1 was equivalent to 3.53 Israeli shekels.