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Market
Trends and
Insights
The Israeli capital market is a developed and supervisedmarket,with one stock exchange
– the Tel Aviv Stock Exchange.
Special Characteristics of Offerings in Israel
The main characteristics of offerings in Israel are bonds offerings, the ability to issue
participation units in partnerships engaged in the oil, gas and film industries and the
existence of a dual listing arrangement.
Bonds Offerings
In recent years, most of the securities offering in Israel have been bonds offerings.
While in other countries, bonds are usually traded over-the-counter (“OTC”), in Israel
they are traded on the stock exchange. The bond offerings were mainly made by real
estate companies, with a secondary trend being the offering of bonds of American real
estate companies; and by banks. By way of example, we represented Bank Leumi in the
publication of a shelf prospectus and in a public offering of bonds in the total sum of
US$ 753 million in 2015.
Of all the bond offerings carried out in 2014, approximately US$ 5.55 billion were
listed for trading on TACT Institutional, of which approximately US$ 3.44 billion were
At the end of June 2015' 588 corporations
(companies and partnerships) were traded on
the Tel Aviv Stock Exchange
Corporations that had issued
shres, shares and bonds, or
participation units in partnership
to the public
Campanies that had issued bonds
only
Campanies that had issued ETFs'
currency ETFs and structured
bonds
69
28
24
467
Campanies are traded on TACT
(Tel Aviv Continuous Trading)
Institutional listing (a system for
trading between institutional
entities only)
Market Value
July 2015
(US$ Billions)
Shares and
238
Convertible securities
(not including
TACT Institutional)
Bonds
216