TASE Dollar Bond
A US-dollar bond issued on the Tel Aviv Stock Exchange by a foreign sponsor — typically a US real estate developer — through an Israeli-incorporated SPV. Gives non-Israeli issuers access to Israeli institutional capital at coupons inside comparable US private credit.
A TASE Dollar Bond is a US-dollar-denominated debt instrument issued on the Tel Aviv Stock Exchange by a foreign sponsor — most commonly a US real estate developer — through an Israeli-incorporated special purpose vehicle, typically registered in the British Virgin Islands or Delaware before being onshored for the listing.
The mechanism gives non-Israeli issuers access to Israeli institutional capital — the pension funds, insurance balance sheets, and provident funds that buy roughly 70% of every TASE corporate issuance — at coupons that have historically priced inside comparable US private credit. For sponsors locked out of the US public bond market by size, complexity, or rating, TASE became a parallel debt window.
The market scaled in the 2010s on the back of US real estate sponsors including Moinian, Extell, and Related. The 2020 collapse of All Year Holdings stress-tested the structure; institutional buyers tightened underwriting but kept the window open. As of 2026, roughly $15–20 billion of US real estate sits on Israeli pension books through this channel.
Related instruments and frameworks include the Tel Bond Index, the BVI SPV issuance vehicle, and the Israeli Institutional Buyers who anchor the book.