Bank Hapoalim Debt Issue

Israel's largest bank, Bank Hapoalim, said on Thursday it will be issuing almost US$2.7bn in a variety of subordinated debt over the next few years. The bank, which has been harder hit by sub-prime losses than any other in Israel, has approved a framework that will see it issue up to US$900mn in 2008. Hapoalim has been under pressure since reporting US$476mn in sub-prime losses, and had been seeking a way to stave off further damage.

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