Israel: bonds

Like most governments worldwide, the Israeli government addresses its domestic debt by issuing government bonds to raise funds from the public and to recycle previously issued bonds reaching maturity. The Israeli bond market offers corporate bonds of the largest and most successful firms in Israel, and governmental bonds, including unlinked fixed-rate and floating-rate bonds, T-Bills, and CPI-linked bonds. Bonds trade locally on the Tel Aviv Stock Exchange.
The Israeli bond market has grown tremendously during the last decade, due largely to the impact of reforms in 2005-2006, which improved on the already highly-developed and computerized trading venue.
The Israeli corporate bond market is strong, after taking a hit in 2008-2009. Israeli tycoons were buying assets for high prices—which were acceptable at the time—and financed their purchases by issuing bonds. They then took a hit when the global financial crises ensued. Even though some Israeli firms are still struggling to recover, most of them—particularly the banks, communication, pharmaceutical and chemical firms—are very strong. Israeli firms managed to raise NIS 43B in 2010, almost double what they raised in 2008.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 41 12 210 763 552
ILS 30 415 704 298 997
EUR 4 5 250 000 000
GBP 1 100 000 000
corporate
ILS 605 341 911 716 928
USD 28 26 121 444 690
EUR 6 7 000 000 000
CHF 4 1 450 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
The Hamashbir 365 Holdings, 5.95% 1jun2023, ILS (C5) - Domestic bonds IL0011411001 5.95% 55 000 000  ILS 06/19/2017 06/01/2023
Big Shopping Centers, 1.95% 20dec2026, ILS (B9) - Domestic bonds IL0011410508 1.95% 353 432 000  ILS 06/08/2017 12/20/2026
Isras Investment Company, 2.4% 30jul2031, ILS (B16) - Domestic bonds IL0061302233 2.4% 126 784 000  ILS 05/28/2017 07/30/2031
Spacecom, 5.5% 31dec2023, ILS (C17) - Domestic bonds IL0011408882 5.5% 235 000 000  ILS 05/17/2017 12/31/2023
Dexia Israel Issuance, FRN 10may2018, ILS (P2) - Domestic bonds IL0011409120 Bank of Israel Interest Rate + 0.32% 250 080 000  ILS 05/16/2017 05/10/2018
Isramco Negev 2 Limited Partnership, 3.49% 10oct2025, ILS (B1) - Domestic bonds IL0023201747 3.49% 1 575 827 000  ILS 05/15/2017 10/10/2025
JOEL, 1.06% 10apr2019, ILS (B4) - Domestic bonds IL0058301206 1.06% 189 361 000  ILS 05/12/2017 04/10/2019
Hanan Mor Group Holdings, 4.5% 1may2023, ILS (B8) - Domestic bonds IL0011408700 4.5% 56 439 000  ILS 05/08/2017 05/01/2023
Israel, GALIL 0.75r 31may2027 - Domestic bonds IL0011408478 CPI*0.75% 1 377 000 000  ILS 05/08/2017 05/31/2027
Albar Mimunit Services, 0% 30apr2018, ILS (P2, 360D) - Domestic bonds IL0011408627 0% 100 000 000  ILS 05/05/2017 04/30/2018

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Israeli international bonds, USD bln 34.400 32.100 34.100 33.800 33.900 32.300 29.500
BIS net issues of international-bond market of emerging countries
International-bond net issue of Israel, USD bln 2.200 1.800 0.300   1.400 2.900 0.000

Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Middle East International Bonds Markets
Israel international bonds, USD bln 53.272 51.479 51.190 50.897 51.668 48.928 49.082
Israel corporate international bonds, USD bln 35.033 34.750 34.582 34.530 35.195 34.966 35.099
Israel sovereign international bonds, USD bln 18.239 16.730 16.608 16.366 16.473 13.961 13.983
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Currencies

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
Exchange Rates (Emerging Markets)
USD/ILS 3.5210 3.5374 3.5490 3.5425 3.5446 3.5291 3.5196
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Credit Risk Indicators

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
CDS Interactive Data 
CDS 6M Israel * * * * * * *
CDS 1Y Israel * * * * * * *
CDS 2Y Israel * * * * * * *
CDS 3Y Israel * * * * * * *
CDS 4Y Israel * * * * * * *
CDS 5Y Israel * * * * * * *
CDS 7Y Israel * * * * * * *
CDS 10Y Israel * * * * * * *
CDS 15Y Israel * * * * * * *
CDS 20Y Israel * * * * * * *
CDS 30Y Israel * * * * * * *
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Risk Management Institute

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
RMI CVI - Middle East
Israel CVI value weighted  8.33 8.44 8.46 8.46 8.49 8.38 8.56
Israel CVI tail  95.84 96.89 98.53 98.79 98.80 97.84 97.75
Israel CVI equally weighted  22.26 22.63 22.76 22.64 22.25 22.02 22.70
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Israel) 0.80 0.70 0.90 0.40 0.10
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Yearly indices

Type 2016 2015
Government Debt to GDP (World), %
Government Debt to GDP(Israel) 61.90 64.80

JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
CEMBI (publication was suspended since 20.08.2013) 
CEMBI Israel * * * * * * *
ELMI (publication was suspended since 20.08.2013) 
ELMI Israel * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Israel, 0% 15aug2024, USD (10220D)   USD 08/15/2024 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Israel, 0% 15feb2020, USD (8571D)   USD 02/15/2020 05/18/2016 **.**** *.* 05/18/2016 **.**** *.**
Israel, 0% 15feb2021, USD (9152D)   USD 02/15/2021 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Israel, 0% 15feb2021, USD (9831D)   USD 02/15/2021 05/18/2016 **.**** *.* 05/18/2016 **.**** *.**
Israel, 0% 15feb2024, USD (10032D)   USD 02/15/2024 05/18/2016 **.*** *.** 05/18/2016 **.**** *.**
Israel, 0% 15feb2024, USD (10926D)   USD 02/15/2024 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Israel, 0% 15mar2022, USD (10394D)   USD 03/15/2022 05/18/2016 **.**** *.** 05/18/2016 **.**** *
Israel, 0% 15mar2023, USD (10948D)   USD 03/15/2023 05/18/2016 **.**** *.* 05/18/2016 **.**** *.**
Israel, 0% 15nov2022, USD (10292D)   USD 11/15/2022 05/18/2016 **.**** *.** 05/18/2016 **.**** *.*
Israel, 0% 15nov2023, USD (10598D)   USD 11/15/2023 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Israel, 0% 15nov2024, USD (10160D)   USD 11/15/2024 05/18/2016 **.**** *.** 05/18/2016 **.**** *.**
Israel, 2.875% 16mar2026, USD   USD 03/16/2026 05/18/2016 ***.**** *.** 05/18/2016 ***.* *.**
Israel, 2.875% 29jan2024, EUR   EUR 01/29/2024 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Israel, 3.15% 30jun2023, USD   USD 06/30/2023 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Israel, 4.0% 30jun2022, USD   USD 06/30/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Israel, 4.5% 30jan2043, USD   USD 01/30/2043 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Israel, 4.625% 18mar2020, EUR   EUR 03/18/2020 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Israel, 5.125% 26mar2019, USD   USD 03/26/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Israel, 5.5% 4dec2023, USD   USD 12/04/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Israel, 5.50% 9nov2016, USD   USD 11/09/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Israel, 7.250% 15dec2028, USD   USD 12/15/2028 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Delek & Avner, 3.839% 30dec2018, USD   USD 12/30/2018 05/18/2016 ***.*** *.** 05/18/2016 *** *.**
Delek & Avner, 4.435% 30dec2020, USD   USD 12/30/2020 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Delek & Avner, 5.412% 30dec2025, USD   USD 12/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Israel Chemicals, 4.5% 2dec2024, USD   USD 12/02/2024 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Israel Electric, 5% 12nov2024, USD   USD 11/12/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Israel Electric, 5.63% 21jun2018, USD   USD 06/21/2018 05/18/2016 ***.** *.* 05/18/2016 ***.** *.*
Israel Electric, 6.70% 10feb2017, USD   USD 02/10/2017 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Israel Electric, 6.88% 21jun2023, USD   USD 06/21/2023 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Israel Electric, 7.25% 15jan2019, USD   USD 01/15/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Israel Electric, 7.7% 15jul2018, USD   USD 07/15/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Israel Electric, 7.75% 15dec2027, USD (ABS)   USD 12/15/2027 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Israel Electric, 7.875% 15dec2026, USD   USD 12/15/2026 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Israel Electric, 9.375% 28jan2020, USD   USD 01/28/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Israel Electric, FRN 17jan2018, USD (ABS)   USD 01/17/2018 05/18/2016 **.**** * 05/18/2016 ***.**** *
Teva Pharmaceutical Industries, 1.25% 31mar2023, EUR   EUR 03/31/2023 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Teva Pharmaceutical Industries, 1.50% 25oct2018, CHF   CHF 10/25/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** -*.**
Teva Pharmaceutical Industries, 1.875% 31mar2027, EUR   EUR 03/31/2027 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Teva Pharmaceutical Industries, 2.25% 18mar2020, USD   USD 03/18/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Teva Pharmaceutical Industries, 2.40% 10nov2016, USD   USD 11/10/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Teva Pharmaceutical Industries, 2.875% 15apr2019, EUR   EUR 04/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Teva Pharmaceutical Industries, 3.650% 10nov2021, USD   USD 11/10/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Teva Pharmaceutical Industries, 6.15% 1feb2036, USD   USD 02/01/2036 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
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