Capital markets in Israel
Agmon & Co. Rosenberg Hacohen & Co. is well known for capital markets and has handled a host of market-first transactions involving debt issuances by limited partnerships, public M&A, and contingent convertible bonds. The department is jointly headed by Uri Rosenberg and Shirel Guttman-Amira, who advised Tamar Petroleum on its 144A-compliant IPO, which was among the largest public offerings on the Tel Aviv Stock Exchange (TASE) in the past decade. Also of note, Ran Shalom advised Navitas Buckskin Financing on two bond issuances on the TASE to finance an interest in a large oil project in the Gulf of Mexico. Additionally, Shalom assisted Bank Leumi with parallel issuances of NIS1bn contingent convertible bonds and NIS1.3bn straight bonds. The department has also acted for global banks in relation to foreign offerings by Israeli corporates. Recently, the team acted for a consortium of international lenders in relation to a $600m 144A- and Regulation S-compliant private note offering by Israel Chemicals.
Fischer Behar Chen Well Orion & Co is recognised by peers as a leader in the domestic capital markets. Moreover, the firm is among the most popular choices for foreign entities, particularly real estate companies, seeking to issue debt on the TASE. In that regard, Boaz Noiman is instructed by clients such as WCG Properties, Altitude Investments, and Silverstein Properties. The group also has experience in transactions involving foreign exchanges, and Nitzan Sandor acted for the joint global coordinators and the Israeli underwriter in the $850m IPO and debt offering of Tamar Petroleum, which included issuances in Israel, the US, and Europe. Also recommended is Michael Zellermayer, who acted for JP Morgan and Bank of America in relation to a private offering by Wix.com. Additional contacts include Vered Oren, who advises Migdal Insurance and Harel Insurance on debt issuances and ongoing securities matters, and Avraham Well, who is instructed by Reit 1, Israel's first and largest REIT.
Goldfarb Seligman & Co. has 'good knowledge of US and Israeli law' and makes 'a great intermediary between foreign clients and the Israeli market'. The team has acted on the issuer and underwriter side in connection with major foreign offerings; Aaron Lampert advised a consortium of international financial institutions on Energean Oil & Gas' IPO on the LSE, while Gabriel Hake has developed expertise in assisting Israeli companies seeking to list on the Australian Securities Exchange (ASX). The department has also become a popular choice among Nasdaq and NYSE-listed companies seeking to list securities on the TASE. In particular, Amir Tzafrir and Adam Klein have extensive experience advising US real estate companies on TASE listings, and have started acting for UK companies, which are increasingly interested in listing securities in Israel. Additionally, the group advises a litany of clients in the insurance, retail and automotive industries - among others - in relation to ongoing capital raising matters. Capital markets department head Nechama Brin is also recommended.
Gornitzky & Co. has an active domestic capital markets practice, and has particular experience in acting for issuers and underwriters in relation to US offerings by Israeli companies, especially those in the life sciences sector. Having advised the underwriters on UroGen Pharma's Nasdaq IPO in 2017, Chaim Friedland and Ari Fried have since handled similar mandates, including recently acting for Jefferies and BMO Capital Markets in relation to Sol-Gel Technologies' $86m IPO on the Nasdaq Global Market. Friedland and Fried also assisted International Flavors & Fragrances with an equity listing on the TASE in connection with its $7bn acquisition of Frutarom Industries. Further, Yair Shiloni served as co-counsel to Fattal Holdings in relation to its IPO on the TASE, while Itay Geffen advised Shefa Yamim on its IPO on the LSE. In the debt space, the team, which includes Sharon Werker-Sagy, has handled various debt offerings for clients such as Strauss Group and Menora Mivtachim Capital Raising.
Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. is regularly involved in capital markets deals with US components, and acts for both Israeli companies seeking to list in the US, and US companies seeking to list on the TASE. Moreover, the team has been involved in some of the largest and most innovative deals in the Israeli market. Of particular note, Adva Bitan and Yuval Eden advised US REIT CMCT on its NIS800m IPO on the TASE, which marked the first-ever preferred stock issuance in Israel. The team has also handled a TASE IPO for Globrands and is assisting Israel Post with the preparation of a prospectus for its planned IPO. Additionally, Gene Kleinhendler and Perry Wildes advised Sol-Gel Technologies on its IPO on Nasdaq. Acting for foreign and dual-listed clients, the department advised UIRC-GSA (BVI) on a NIS310m TASE bond issuance, and assisted RedHill Biopharma with its underwritten public offering on Nasdaq and TASE of American depository shares. Further, department head Aya Yoffe advised Azrieli Group on a NIS1.4bn bond series expansion following its 2017 NIS1.4bn issuance, and the team also assisted Mekorot with a NIS800m debt offering.
Herzog Fox & Neeman is regularly involved in multi-jurisdictional capital markets transactions and major domestic equity deals. Leveraging a formidable regulatory practice, the firm advises many of Israel's largest funds and private investment platforms. Moreover, the team has particular expertise in structuring private investment schemes. The capital markets group is jointly headed by Ehud Sol and Ilanit Landesman Yogev, both of whom acted for Clal Beverages in relation to its IPO, wherein it publicly listed 46% of its share capital while Clal Industries retained the other 54%. Landesman Yogev and Nir Dash advised a housing corporation on its AAA-rated NIS3.5bn public bond offering. Additionally, Dash and Ron Ben-Menachem acted for another prolific borrower in relation to its $1bn international note offering; this offering was four-times oversubscribed by investors in approximately 30 jurisdictions. The team also advised a consortium of international financial institutions, as managers and joint bookrunners, on a $4.5bn public note offering by Teva Pharmaceuticals Industries.
Meitar Liquornik Geva Leshem Tal Law Offices is among Israel's most active firms in innovative domestic debt and equity offerings, and is especially strong in public company M&A. The department is jointly headed by Adv Yoav Nahir, who specialises in domestic capital markets matters, and Adv Shachar Hadar, who focuses on international transactions. The team has particular experience with transactions involving contingent convertible bonds. Adv Yael Weiss advised Bank Hapoalim on its parallel issuance of straight and contingent convertible bonds, which raised NIS3.3bn; Weiss has also handled contingent convertible bond offerings for Mizrahi-Tefahot Bank and First International Issues. Further debt work has included Michael Rimon assisting Curacao-registered Sapiens International Corporation with a bond offering to raise NIS280m. In the equity space, Adv Dan Shamgar and Adv David S Glatt advised MediWound on a follow-on offering of its ordinary shares on Nasdaq. Also of note, the team advised Arcturus Therapeutics on its merger with a subsidiary of Alcobra, which included a post-transaction offering by Alcobra of shares to the shareholders of Arcturus Therapeutics. Adv Clifford M J Felig is also recommended.
Naschitz, Brandes, Amir & Co. has extensive experience with capital markets transactions in Israel and abroad, particularly those involving the LSE. Tuvia Geffen specialises in international transactions and recently advised an online trading platform and its founding shareholders on a secondary placement transaction on the LSE's AIM-market. Additionally, Geffen handled LSE offerings for Taptica International, and is also assisting a client with the preparation of a prospectus for a big-ticket transaction, also on the LSE. In the domestic market, Jonathan Feuchtwanger assisted HAP Tower Journal Square Partnership with a first-of-its-kind public sale offer of partnership units. Further, Roi Turgheman advised the shareholders of Aeronautics on a share sale transaction in connection with the company's NIS390m IPO. Also of note, the department provides ongoing advice to the TASE in relation to offerings in Israel by non-Israeli companies, and companies whose securities are dual-listed in Israel and elsewhere.
Shimonov & Co. - Law Firm has been described by one peer as 'a real force in the capital markets space'. Headed by Israel Shimonov, the team has strengths in debt and equity offerings, capital markets regulations, and public M&A. Further, the team is engaged by a litany of US real estate companies in relation to their Israeli debt offerings. Shimonov has handled significant debt offerings for American Asset Corporation, Hertz Investment Group, and Wharton Properties, which the team assisted with the preparation of a prospectus for AA-rated bonds. In one particularly standout matter, Dudi Berland acted for Elad National Realty, which is incorporated as a partnership, in relation to its planned IPO on the TASE; this matter has instituted a regulatory change within Israel, which had not previously allowed partnerships to be traded on the TASE. Also recommended is Nir Cohen Sasson, who has advised All Year Holdings on the preparation of multiple shelf prospectuses.
The team at Yigal Arnon & Co is 'always accessible' and 'absolutely committed to getting a deal done'. By some clients' measure, the firm's service across a wide range of securities matters is 'second to none'. The group has advised Israeli corporates on debt and equity issuances domestically and abroad, and also has experience acting for international banks in relation to global debt offerings. Of particular note, Simon Weintraub advised China International Capital Corporation Hong Kong and Jefferies Hong Kong, as joint underwriters, on the IPO of Sisram Medical on the Stock Exchange of Hong Kong (SEHK), making it the first Israeli company to list on the SEHK. Further, Weintraub and Shiri Shaham acted for JP Morgan Securities, CitiGroup Global Markets, and HSBC Securities, as lead underwriters, in relation to a $2bn private placement by Delek & Avner of senior secured notes to Israeli and foreign institutional investors. Another key figure is Daniel Marcovici, who has handled high-value domestic bond issuances for Nextcom Group, Ramot in the City, and Peninsula Group. Also recommended are Gil Oren and Assaf Mesica, who assisted Israel Natural Gas with its first listing for trading on the TASE.
M. Firon & Co Advocates and Notaries
M. Firon & Co Advocates and Notaries has 'real expertise in Israeli capital markets'. Leveraging 'great relationships with the relevant regulators' and a 'prompt partner-led service', the team 'acts for many of the markets biggest players'. In particular, the department has niche expertise in acting for mutual funds, investment houses, and other portfolio investors. 'A first-rate professional', Oded Ofek leads the investment and institutional entities side of the practice and represents The Association of Brokers in the Israeli Stock Exchange before the Israeli Securities Authority and the TASE in matters involving securities regulation. The securities department is headed by Udi Efron, who recently advised Direct Finance on several securitisation transactions for the acquisition of a loan portfolio and a private debt offering. Efron has also assisted with large bond issuances for Ashtrom Group, Mega Or, and Zur Shamir. Of particular note, the team advised Adgar Investments and Development on a series of debt and equity offerings, which resulted in the client being included in the TASE's TA-35 Index, a list of the 35 largest companies on the TASE.
Shibolet & Co. with Raved, Magriso, Benkel & Co. is regularly involved in domestic debt and equity offerings, and has particular expertise in crypto-related trading and ICOs. Jointly headed by Adi Zaltzman and Moshe Ne’eman, the team is especially experienced in acting for hi-tech and growth companies. Recently, Zaltzman assisted Brenmiller Energy with its highly successful IPO on the TASE, and Ne'eman advised Space-Communication on a complex rights offering in addition to a number of debt issuances. The team has also handled various type of offerings for Tnuport, Compugen, and Zvi Tzarfati & Sons Investments & Constructions. Another key contact is Saul Adereth, who heads the blockchain and smart contracts practice and recently advised Endor.coin on an ICO of its crypto-token, EDR. Adereth also advises clients such as Hub Data Protection on commercial and regulatory issues associated with planned ICOs.
From pre-IPO to initial listing and subsequent financings, Amit, Pollak, Matalon & Co. Advocates and Notary has extensive experience across a full range of equity capital markets transactions. In one matter, department co-head Amichay Finkelstein advised Freshmarket on the preparation of its IPO, which will happen concurrently with an offer for sale. Also of note, Ian Rostowsky, who also co-heads the group, has particular experience in assisting Israeli corporates with listings abroad. Rostowsky is assisting Humavox with the preparation of its IPO on Nasdaq, and is advising Shekel Brainweigh on its planned IPO on Sydney's ASX. The team also has experience acting for REIT managers.
Arnon Segev & Co.
Arnon Segev & Co. is 'the go-to firm for investment houses involved in capital markets investments'. Headed by name partner Arnon Segev, the firm receives ongoing buy-side work from some of Israel's largest and most active institutional investors, but has also handled high-value investment mandates for international investors. Additionally, Segev has experience advising various financiers as underwriters in domestic capital markets issuances.
Katzenell Dimant has 'an impressively orchestrated team' that handles public company M&A and a variety of corporate finance transactions, but also has niche experience with exchange-traded notes, crowdfunding and index-linked notes. In a standout matter, Ran Dimant assisted Ella Deposits with a NIS4bn public offering of structured bonds, which ended a virtual prohibition on such offerings in Israel. Additionally, having assisted a technology platform and content developer with its TASE IPO in 2016, Dimant recently advised the company on a public offering of convertible bonds. The firm has particular strength in the hi-tech and start-up space, and advises clients on investments into pre-IPO companies.
With on-the-ground teams in Tel Aviv and New York, Pearl Cohen Zedek Latzer Baratz is well positioned to assist dual-listed corporates with securities issues in Israel and the US. Known for its IP and hi-tech roots, the firm has particular expertise acting for growth companies in the life sciences and healthcare sectors. Department head Ilan Gerzi acted for BiondVax Pharmaceuticals in relation to a shelf prospectus offering on Nasdaq; Gerzi also assisted the client with the delisting of the company's shares from the TASE, making Nasdaq its primary securities market. Other key clients include Medipower (Overseas), Together Start Up Network and Kadimastem.
'Agile, responsive and creative', S. Friedman & Co. Advocates & Notaries has particular expertise acting for listed companies in relation to public M&A, debt and equity offerings, and securities regulatory matters. The department is headed by Arnon Mainfeld, who advised KMA Holdings on its acquisition of Liberty Properties; because the target was listed, under Israeli law, the acquisition had to be structured through a full tender offer. Also recommended is Sarit Molcho, who assisted LSE-listed Matomy Media Group with its issuance of convertible bonds on the TASE; this marked the first-ever convertible bond offering by an LSE-listed company on the TASE. The team has also advised clients including Arko Holdings, RADA Electronic Industries and Almogim Holdings on various Israeli debt offerings.
S. Horowitz & Co has experience advising domestic corporates on debt offerings and, given its strong corporate practice, the team is regularly involved in public company M&A with complex securities aspects. The capital markets group is jointly headed by Guy Firer and Amir Assali, the latter of whom advised Issta Lines Israel Students Travel Company on a NIS110m private placement transaction, and advised Minrav Holdings on a series of debt offerings. The duo also has experience with exchange-traded fund listings. On the buy side, the team assisted an insurance company with debt and equity investments into King Store, a company planning for an IPO. Keith Shaw was promoted to partner.
The capital markets team at Steinmetz, Haring, Gurman & Co. handles buy-side and sell-side capital markets mandates, and has notable expertise in securities regulation. Managing partner Jacob Steinmetz advises institutional investors, including Psagot Investment House and Menora Mivtachim Insurance, on corporate bond investments, and is also assisting Rani Zim Shopping Centers with its preparation for an IPO on the TASE. Also recommended is Manny Gurman, who advised Hilan-Ness and MirLand Development Corporation on the publication of their respective prospectuses. Additionally, Gurman is representing Eurex, the derivative trading arm of Deutsche Boerse, in negotiations with the Israeli Securities Authority aiming to broaden the exchange's trading options with Israeli customers.
Weksler, Bregman & Co., Advocates, a trusted adviser to Israel's capital markets infrastructure, handles debt and equity transactions for some of the markets largest corporates. Ora Dvir is a key figure in the banking and capital markets team; she is recognised throughout the market as an expert in banking and securities regulation, and provides ongoing regulatory advice to the TASE and both Israeli clearinghouses. The firm's corporate client base includes AFI Group and its many subsidiaries. Recently, Ofer Yankovich advised Africa Israel Properties on a public debt offering of NIS170m and an additional private issuance of NIS162m. Yankovich also advised Africa Israel Residences on a NIS200m public bond issuance. In the equity market, the team acted for El-Mor Electric Installation & Services in relation to its 2017 IPO.
Zysman, Aharoni, Gayer & Co (ZAG-S&W) specialises in advising US-listed and dual-listed companies on capital markets deals that are often 'much more complex than plain vanilla work'. Oded Har-Even leads many of the department's transatlantic mandates and splits his time between New York and Tel Aviv. Recently, Har-Even assisted Nasdaq-listed Attunity with a $23m equity offering, and advised dual-listed Pluristem Therapeutics on a public offering on the TASE. Shy Baranov advised Alcobra on its reverse IPO with Arcturus Therapeutics; the firm provided US and Israeli legal advice on this matter and the resultant company is listed on Nasdaq. Eran Ben-Dor is another key figure in the department.