How have you harnessed technology to improve output or drive efficiencies? 

Most of our work does not lean on technology. However, as part of our day-to-day work we do use advanced trading systems and market analysing software to support our legal and financial research and assisting us in getting a better understanding of the current trends in the market and accordingly adapt the right structure for each transaction to the prevailing market conditions and investors’ appetite.  

How have you attempted to bring the legal department closer to your business colleagues? 

As a leading investment banking firm, most of our work evolves both financial and legal aspects. As much as the legal department improves its economic, financial and market understanding and knowledge and is up to date with any new relevant regulation, our business colleagues feel more comfortable to rely on our advice and willing to consult on any related issue. 

What would you say are the unique qualities required to be successful as an in-house lawyer in your industry? 

A strong financial background is a must for being a successful in-house lawyer in the investment banking and capital markets industry. In addition, a deep understanding of the capital markets including new trends and current appetite of investors is highly important in order to apply theory to practice. For me, additionally to my legal education, having a B.A in Economics together with an MBA in Financing, providing me the proper tools to handle complex transactions, enabling to provide out-of-the-box applicable solutions. In addition, since clients might come from a variety of industries, it is important to be familiar with the specific regulatory environment of each one of them and to have the ability to quickly learn the specific relevant regulation, in order to structure a tailor-made doable transaction which will gain great demands from the market. 

Focus on: Raising debt in Israel for US- based companies 

Driven by mandatory saving regulation, the Israeli market enjoys a great liquidity totalling over US$900bn of public funds and steady monthly increase of approximately US$3bn. In terms of macroeconomics, the low interest environment has positioned Israel as a competitive alternative for raising debt, while corporate bonds are traded at low spreads above governmental bonds which are also traded at negative YTM records, creating a fertile ground for debt products. 

U.S issuers gain a sizeable advantage in the Israeli market. While in the US, a certain company might be considered as a small-mid firm that might encounter difficulties in raising corporate bonds, this same company could be considered as a mid-large company in the Israeli market, attracting attention from local investors. 

From an accounting point of view, since issuers in TASE are required to prepare financial statements based on International Financial Reporting Standards, real estate assets are marked to their full market value (using third-party appraisals) by taking into consideration their projected cash-flow, which usually increase the value of the real estate assets in the books. US issuers in TASE benefit from the opportunity of flexibly using proceeds of the issuances, which could be used as construction loan for existing or new investments, equity or MEZZ to finance new transactions, partner buyouts, the refinancing of existing debts or other objectives. 

From a legal standpoint, the bonds are issued by an offshore limited liability BVI entity which is a disregarded vehicle for tax purposes. This means that no tax event on both the issuer and properties level will be triggered upon the issuance.