SAPIR is an investment bank specializing in private placements of debt and equity securities, alternative asset investments, as well as mergers and acquisition advisory services. Founded in 2001, we are “financiers” serving companies which need funding and also accredited Investors who make private investments.
SAPIR is headquartered in Tel-Aviv, Israel
SAPIR is a privately held company owned by the Sapir family members
SAPIR provides corporate finance services, including private capital raising as well as merger and acquisition advisory, to clients ranging from well-established and growing middle market companies in traditional industries… to younger companies, often technology oriented… to private investment funds offering uniquely attractive investment themes.
SAPIR provides private Investors with a diverse selection of privately placed (i.e. not publically registered) alternative asset investments encompassing a wide variety of industries and investment strategies. Private investments, either directly in companies or in managed funds, can be selected from CFG offerings to fit the specific objectives and risk tolerance of the HNW Investor and their advisor. SAPIR’s private placements include private equity real estate.
SAPIR, acting as agent, conducts public/private debt/equity offerings which are made available to SAPIR’s Investors who then individually determine whether they wish to invest in an offering. Thus, the amount of capital needed by the Issuer is aggregated through a “best efforts” syndication of participating Investors.
Institutional investors operating in the Israeli Debt Market are :
- Insurance companies
- Provident funds
- Mutual funds
- Corporate treasuries
- Foreign investors (FIIs)
Debentures are divided into different categories on the basis of: (1)convertibility of the instrument (2) Security
Debentures can be classified on the basis of convertibility into:
- Non Convertible Debentures (NCD): These instruments retain the debt character and can not be converted in to equity shares.
- Partly Convertible Debentures (PCD): A part of these instruments are converted into Equity shares in the future at notice of the issuer. The issuer decides the ratio for conversion. This is normally decided at the time of subscription.
- Fully convertible Debentures (FCD): These are fully convertible into Equity shares at the issuer’s notice. The ratio of conversion is decided by the issuer. Upon conversion the investors enjoy the same status as ordinary shareholders of the company.
- Optionally Convertible Debentures (OCD): The investor has the option to either convert these debentures into shares at price decided by the issuer/agreed upon at the time of issue.
On basis of Security, debentures are classified into:
- Secured Debentures: These instruments are secured by a charge on the fixed assets of the issuer company. So if the issuer fails on payment of either the principal or interest amount, his assets can be sold to repay the liability to the investors.
- Unsecured Debentures: These instrument are unsecured in the sense that if the issuer defaults on payment of the interest or principal amount, the investor has to be along with other unsecured creditors of the company.
A tradable form of loan is normally termed as a Debt Instrument. They are usually obligations of issuer of such instrument as regards certain future cash flow representing Interest & Principal, which the issuer would pay to the legal owner of the Instrument. Debt Instruments are of various types. The distinguishing factors of the Debt Instruments are as follows:
- Issuer class
- Coupon bearing / Discounted
- Interest Terms
- Repayment Terms (Including Call / put etc. )
- Security / Collateral / Guarantee
Credit quality is an indicator of the ability of the issuer of the fixed income security to pay back his obligation. The credit quality of fixed-income securities is usually assessed by independent rating agencies such as Standard & Poor’s, Moody’s in Israel. Most large financial institutions also have their own internal rating systems.