Finance Ministry Discloses Four More Government Bond Listings in Tel Aviv

Israel’s Finance Ministry disclosed on November 1 that four more dollar- and euro-denominated government bond series have been added to dual trading on the Tel Aviv Stock Exchange. Trading in the additional series began October 28; market-making activity is scheduled to start November 2. The bonds already trade internationally. Their domestic listing gives investors access through shekel transactions without first converting money into foreign currency. Edan Financial Instruments, part of Barak Capital, was selected as market maker. On September 17, the exchange’s board approved annual funding of up to NIS 2 million for market making. The existing program began June 1. By October 23, it had generated about NIS 360 million in turnover, averaging NIS 3.6 million a day, across 4,389 transactions. Of those transactions, 216 were by private investors; mutual funds and corporations led activity. Gil Cohen, the ministry’s head of financing, said: “We will continue monitoring trading developments and consider listing additional series accordingly.” Inclusion in bond indices, including Tel Gov indices, depends on eligibility thresholds. The exchange also intends to examine dedicated indices for dual-listed government bonds.