Didn't Win the Lottery? How About Lending It Some Money

Mifal Hapayis to issue half a billion shekels worth of bonds

Your chances of winning the national lottery are vanishingly slim. But you can easily lend it money, if you choose. The management of Mifal Hapayis is soliciting offers from underwriters to handle a private placement of half a billion shekels worth of bonds.

Back in January this year, Maalot graded the Mifal Hapayis bonds at AA, the same rank as in 2004, when the government company first tapped the public for a loan. Then too it raised the money through a private placement of paper.

The company, which has been around for 55 years, ended 2006 with record operating income of NIS 795 million, on revenues of NIS 3.6 billion, up 9% from the year before.

Its most profitable game is the Lotto, which brought in NIS 984 million in revenues last year. Hish-Gad scratch cards brought in NIS 900 million and Chance made NIS 813 million in revenues in 2006.