The State of Israel lists a $1,500,000,000 sovereign bond (NYSE-Listed ILB) on the NYSE, making the Israeli government-backed debt securities available for trading on the efficient and transparent NYSE Bonds market. To highlight this significant milestone, Israel’s Finance Minister, Dr. Yuval Steinitz, along with executives of the Israel Bonds Organization, rings The Closing BellSM.
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The 5.125% Israel sovereign bond, due March 26, 2019, was previously only available for trading on the Luxembourg Stock Exchange.
The bond will be traded in denominations of $75,000 and integral multiples of $1,000 above that amount.
The listing marks the first time an Israeli bond is listed on a regulated market in the United States.
Israel Sovereign Bond Program
In 1994, the Accountant General of the Ministry of Finance decided to establish and develop Israel's presence in international capital markets by carrying out public offerings in global markets. This was made, partially, in order to create a substitute for loans guaranteed by the U.S. government.
Since 1995, the Ministry of Finance made 12 public offerings abroad in the Yankee, Euro, and Samurai markets, as well as in the global market. The size of these offerings has gradually increased, from a level of $200 million-$250 million between 1995 and 1998, up to $1.5 billion in 2009.
The Israeli government's capital-raising activities in global markets serve as a benchmark for Israeli companies' debt in the international markets and encourage Israeli firms to issue debt in those markets.
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