Brooklyn developer Leser Group taps Israeli market for 125m shekel bond issue

New York

BROOKLYN developer The Leser Group Ltd is selling 125 million shekels (S$44.1 million) of bonds in Israel, reopening a market that was shut to North American real estate companies after Canadian developer Urbancorp Inc's April default rattled investors.

The new issue, a retap of Leser's 6.9 per cent bonds due in May 2026, will yield 6.6 per cent, according to Poalim IBI Management & Underwriting Ltd, the lead manager on the deal.