The Accountant General’s Department at the Ministry of Finance, led by Yahli Rotenberg, completed a significant public offering of dollar-denominated bonds in international markets last night (Tuesday).
As part of the move, three new series of bonds were issued for terms of 5, 10, and 30 years, totaling $6 billion.
The spreads set in the offering were 90, 100, and 125 basis points, respectively, above the yield of U.S. Treasury bonds for similar terms.
The weighted average spread in the offering stands at approximately 102 basis points, an improvement of about 34% compared to the weighted average spread in the dollar bond offering conducted in 2024, which was approximately 154 basis points.
Demand for the offering amounted to approximately $36 billion, six times the actual offering amount, a figure indicating high confidence from international investors in Israel‘s economy.
The offering was accompanied by the banks Bank of America, Citi, Deutsche Bank, Goldman Sachs, and JP Morgan, who served as underwriters for the deal.
Ahead of the offering, extensive investor meetings were held in the U.S., Asia, and Europe, led by the Accountant General Yahli Rotenberg, Deputy Accountant General Gil Cohen, and the team from the Government Debt Management Unit in the Accountant General’s Department at the Ministry of Finance.
Minister of Finance Bezalel Smotrich:
“The successful fundraising effort by the State of Israel in international markets, which received high demand from institutional investors worldwide, reflects the resilience of Israel‘s economy and the responsible economic management we have been implementing in recent years, which has earned the trust of the markets.
A big thank you to the Accountant General, Yahli Rotenberg, and his team for their exceptionally diligent and professional work. This is a significant step that supports the continued responsible and stable management of the Israeli economy.”
Accountant General at the Ministry of Finance, Yahli Rotenberg:
“The offering results reflect a return to the spread levels that preceded the war, and indicate high investor confidence in Israel‘s economy. The offering amount supports the State of Israel‘s financing needs for 2026 and provides significant tailwinds for the domestic market as well. These results reflect the resilience and strength of Israel’s economy, even during a challenging period. Approximately 300 different investors from over 30 countries participated in the offering, including countries with which Israel has signed Abraham Accords, indicating the expansion and deepening of the country’s international investor base. On a personal note, as my term as Accountant General comes to an end, it is important for me to note that this offering concludes an unprecedented period of professional and intensive work, and demonstrates the State of Israel’s ability to operate successfully even under conditions of uncertainty.”
Deputy Accountant General, Gil Cohen:
“The State of Israel has succeeded in raising debt at the lowest cost in the last two years, while continuing to support the government debt management strategy, particularly in diversifying funding sources and expanding the investor base, which are important factors in responsible debt management that enables stable government operations even during challenging times.”