Bond programmes for Canadian real estate, listed on the Tel Aviv Stock Exchange.
Bond programmes for Canadian energy companies, listed on the Tel Aviv Stock Exchange.
Foreign corporate issuance on TASE has roughly doubled in two years. The structural demand from Israeli pension and provident capital is not new — only the access path is.
A market built around hard-asset, long-duration debt — and an investor base that already understands Canadian real estate.
A market built around hard-asset, long-duration debt — and an investor base that finances energy through the cycle.
Israeli sovereign yields trade below Canadian, and TASE-listed foreign issuers have historically priced 50–150 bps tighter than domestic peers. The illustrative comparison below holds rating constant.
| Raise | @ 100 bps | @ 130 bps |
|---|---|---|
| $200M | $2.0M | $2.6M |
| $300M | $3.0M | $3.9M |
| $400M | $4.0M | $5.2M |
| $500M | $5.0M | $6.5M |
Illustrative only. Comparison shown before issuer-specific transaction, legal, audit, rating, trustee, listing, underwriting, tax, hedging and ongoing reporting costs. Israeli local-scale ratings are not directly comparable to global-scale; final outcome depends on issuer profile, security package, financial policy, sector methodology and market conditions.
Six structured stages over four to six months. Shorter for issuers with current global ratings and IFRS reporting in place.
Engage an Israeli investment bank as lead underwriter. Select the bond's structure — tenor, currency, fixed or CPI-linked — and assemble the working group across Toronto and Tel Aviv.
Obtain a local-scale rating from Midroog (Moody's affiliate) or S&P Maalot. Existing DBRS, S&P or Moody's global ratings shorten the analytical workload and de-risk the pricing conversation.
File the prospectus with the Israel Securities Authority. Existing IFRS disclosure and Canadian filings can be substantially leveraged. ISA review typically lands in 45–60 days.
A two-day institutional roadshow in Tel Aviv with Israel's largest pension, provident and insurance investors. Compact, focused, with the lead underwriter sequencing the meetings.
Competitive book-build. Pricing benchmarked against the Israeli government bond curve plus a credit spread reflecting the local rating. Allocations finalised; bonds list on TASE.
Funds settle via SWIFT and FX. Ongoing semi-annual reporting in Hebrew and English, supported by the underwriter. Subsequent tranches typically clear in weeks, not months.
Indicative timeline. Actual sequence depends on issuer cooperation, existing ratings and counsel readiness.
A successful TASE issuance is built on four working relationships. We bring all of them.