Graphic Strip - Corporate Bonds Listing
Corporate Bonds Listing

In addition to government bonds, the Tel Aviv Stock Exchange enables the listing of various types of corporate bonds:

  • Ordinary bonds - intended to finance the business activity of companies.
  • Structured Bonds - SPCs (Special Purpose Company) whose entire activity is the issuance of these bonds, and the company is, in effect, a financial instrument.  

Advantages of Listing Bonds on the TASE

  • Unique and deep bond market

    Trading in bonds through the TASE is ongoing, and is considered efficient, liquid and very transparent in comparison to the global markets in which the bonds are traded OTC.
  • Attractive debt raising costs

    Bonds listed in Israel are rated according to a local rating scale, which is different from the international rating scale, and thus enjoy a high rating relative to the international rating, enabling them to raise debt at lower interest rates than other markets.
  • Low buying and selling costs

    The quote intervals between the selling price and the purchase price in bonds are lower than the intervals for stock quotes. 

Rules for Listing Bonds

The TASE has the following rules applicable to the listing of bonds by a traded company or by a company issuing bonds for the first time:
 
Equity Track
Non-Equity Track
Alternative A
Alternative B
Alternative A
Alternative B
Alternative C
Equity of NIS 24 million
Equity of NIS 16 million and local rating of BBB or Baa3
Local rating of A or A3 or Baa3 international rating
NIS 200 million value of a  bonds series
For a TASE company:
The value of traded securities is NIS 200 million
The value of the public's holdings in the series is NIS 36 million
35 Offerees + holding value of NIS 200,000 per holder.

Under the terms of the bonds, it is possible to determine the conditions under which the company may decide on early redemption of the bonds.