TEL AVIV CAPITAL MARKETS
CANADIAN REAL ESTATE · $200M – $500M

Smarter capital, on better terms.

Capital priced for the cycle.

A debt-issuance pathway for Canadian developers, REITs and REOCs raising $200M–$500M. Indicative pricing, illustrative comparison — not a commitment to arrange financing.

50–150 bps
TIGHTER THAN DOMESTIC
~$4B
FOREIGN ISSUANCE, 2025
4–6 months
MANDATE TO LISTING
The market

Foreign issuers raised $4B on TASE in 2025.

$20B+ over the past decade. $4.4B projected for 2026.

$4B
+46%
YEAR OVER YEAR
  • $4.4B projected for 2026
  • $20B+ raised over the past decade
  • 50+ global issuers placed bonds on TASE
2024
$2.7B
2025
$4.0B
Why TASE

Built for credit like yours.

A market built around hard-asset, long-duration debt — and an investor base that already understands Canadian real estate.

50–150 bps
Tighter pricing
Vs. domestic Canadian comparables for equivalent investment-grade credits.
~$700B
Investor pool
Israeli pension, provident & insurance AUM — demand routinely exceeds supply.
Flexible
Covenant package
No strict pre-sales requirements; flexible DSCR tests preserve management runway.
Rate advantage

Illustrative gross yield comparison.

All-in cost varies materially by issuer — see footnotes below.

6.2
5.1
5.6
4.6
5.1
4.1
4.7
3.8
Developer
BBB
REIT
BBB+
REIT
A−
Developer
A
Canadian Domestic TASE (USD)
Annual interest saved
Raise@ 100 bps@ 130 bps
$200M$2.0M$2.6M
$300M$3.0M$3.9M
$400M$4.0M$5.2M
$500M$5.0M$6.5M

Comparison shown before issuer-specific transaction, legal, audit, rating, trustee, listing, underwriting, tax, hedging and ongoing reporting costs.

Ratings illustrative. Israeli local-scale ratings are not directly comparable to global-scale ratings; final outcome depends on issuer profile, security package, financial policy, sector methodology and market conditions.

The path

Four to six months, mandate to listing.

01
Mandate
Month 1
02
Rating
Months 1–2
03
Prospectus
Months 2–4
04
Roadshow
Months 4–5
05
Pricing
Months 5–6
06
Proceeds
Month 6

IFRS reporters and issuers with current S&P / Moody's / DBRS ratings can leverage existing disclosure with materially less incremental finance and regulatory work. ISA review typically 45–60 days.

The ecosystem

Four desks decide whether a deal works.

Indicative — relationships across the issuance ecosystem.

Israel Securities Authority
Prospectus & disclosure
Underwriters
Lead bank · Book build
Institutional Investors
Pension · Provident · Insurance
Specialist Counsel
Israeli & Canadian legal
Best-fit issuer

Built for stable, established credit.

≥ 30%
equity capitalization
Initial screening guideline
Subject to sector, asset quality, leverage, rating outcome and investor demand.
  • Real, established operating business
  • Durable assets or recurring cash flows
  • Transparent financial reporting
  • Experienced management team
The next step

Let's structure it
together.

A confidential 45-minute structuring call — at no cost or obligation.

Book a call
TEL AVIV CAPITAL, INC. corporate@telavivcapital.ca · +1 (416) 917-7791

By submitting, you acknowledge that this material and any subsequent discussion are confidential and for preliminary purposes only — not an offer, recommendation, underwriting commitment or commitment to lend.