FINANCING ISRAEL'S TRADE and NATIONAL DEFICITS
Nontradable and Non-US guaranteed tradable bond placements
Israel's second euro placement by nationality of investor

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Note: In order to facilitate the issue of new debt issues, apparaently both tradable and nontradable, in Europe the Israeli government developed the Euro Medium Term Programme. The purpose of this program is to standarize the terms on which issuers issue securities and thus minimize the documentation and the time required for their issue. "This [procedure] reflects the ability and desire of the market to respond quickly to borrowing reqirements. The State of Israel has a $2,000,000,000 EMTN Programme and has already used about $1.1 billion of this sum."  A copy of the prospectus (pdf document - 490KB) arranged by Merrill Lynch International is available on the Israeli government's Ministry of Finance website. EARTH's copy is available on request. The designated dealers are Daiwa Securities SMBC Europe Ltd., Deutsche Bank, Goldman Sachs International, Merrill Lynch International, Morgan Stanley, and UBS Warburg. Source: Israeli Ministry of Finance. The Government Debt Management Unit. [online document] (13 Jun3 2004) External Debt/Funding instruments/Israel Bonds Organizations. EARTH's copy of this webpage is available on request.
Source: Government of Israel. Ministry of Finance. Government Debt Management Unit. Annual Report 2002. [online document] EARTH's copy is available on request.
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Israel's second euro placement by type of investor - 2002

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Nontradable bond sales undertaken by Israel's bonds organizations
Note: In order to facilitate the issue of new debt issues, apparaently both tradable and nontradable, in Europe the Israeli government developed the Euro Medium Term Programme. The purpose of this program is to standarize the terms on which issuers issue securities and thus minimize the documentation and the time required for their issue. "This [procedure] reflects the ability and desire of the market to respond quickly to borrowing reqirements. The State of Israel has a $2,000,000,000 EMTN Programme and has already used about $1.1 billion of this sum."  A copy of the prospectus (pdf document - 490KB) arranged by Merrill Lynch International is available on the Israeli government's Ministry of Finance website. EARTH's copy is available on request. The designated dealers are Daiwa Securities SMBC Europe Ltd., Deutsche Bank, Goldman Sachs International, Merrill Lynch International, Morgan Stanley, and UBS Warburg. Source: Israeli Ministry of Finance. The Government Debt Management Unit. [online document] (13 Jun3 2004) External Debt/Funding instruments/Israel Bonds Organizations. EARTH's copy of this webpage is available on request.
Note 2: In this context the term portfolio managers can be replaced with the term institutional investors with no loss of meaning.  In fact any private financial institutions, other than banks and insurance companies, that engage in investment activity and are selected by an Israeli bond organization for placement would be appropriate here.
Source: Government of Israel. Ministry of Finance. Government Debt Management Unit. Annual Report 2002. [online document] EARTH's copy is available on request.
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