Tel-Bond Universe is comprised of all corporate bond series that meet Tel-Bond indices criteria. The Universe includes over 350 corporate bond series.
TASE updates the Tel-Bond Universe list of corporate bond series semi-annually. Corporate bond series that are already included in the Universe need to meet more lenient criteria to remain in the list, while bonds that are about to join the Universe are required to meet stricter criteria.
Major Threshold Criteria
1. Minimum average market capitalization
a. Corporate bond series already included in the Tel-Bond Universe – 100M NIS
b. Corporate bond series that are not included in the Tel-Bond Universe – 150M NIS
2. Minimum credit rating
Baa3 in Midroog rating or BBB- in Maalot (S&P) rating.
3. Minimum median daily turnover during the past 6 months
Corporate bond series whose average market cap is less than 300M NIS - median daily turnover during the six months preceding the update should be at least 0.00001.
4. Type of corporate bond
Corporate bond series that are not classified by TASE as financial instruments or are not institutional securities and are not hybrid debt certificate.
5. Conversion or forced redemption
Corporate bonds series that are not allowed for conversion or forced redemption (COCO Bonds are not allowed).
6. Trading units
Corporate bond series whose trading units are 1 NIS only.
7. Final trading day
Corporate bond series will be deleted from the Tel-Bond indices once a final trading day has been announced and before the actual final trading day occurs.
8. Restricted Bond Series
Bond series that have not been deleted from the Tel Bond Universe 6 months prior to the Update Date.
Semi-Annual Universe Updates
Tel-Bond Universe composition is updated semi-annually. Tel-Bond indices are derived from the Tel-Bond Universe and are updated simultaneously.
- Update date
- At the end of the trading session, on the first Thursday in May and November.
- If no trading takes place in Tel Aviv or New York at that time, the update date is postponed to the first date on which trading takes place in both TASE and NYSE.
- Publication date
- One week prior to the update date.
- If no trading takes place in Tel Aviv or New York at that time, the publication date is postponed to the first date on which trading takes place in both TASE and NYSE.
- The data is published under Tel Bond Indices and Universe Composition Updates page on the TASE website.
- Record date
Tel-Bond Universe composition is determined based on data on record date, three weeks prior to the update date.