Obbligazione Israëli 5.125% ( US46513EHJ47 ) in USD

Emittente Israëli
Prezzo di mercato 100 USD  ⇌ 
Paese  Israele
Codice isin  US46513EHJ47 ( in USD )
Tasso d'interesse 5.125% per anno ( pagato 2 volte l'anno)
Scadenza 01/03/2014 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Israel US46513EHJ47 in USD 5.125%, scaduta


Importo minimo 2 000 USD
Importo totale 500 000 000 USD
Cusip 46513EHJ4
Descrizione dettagliata Israele è una nazione del Medio Oriente situata sulla costa orientale del Mar Mediterraneo, nota per la sua storia antica, la cultura diversificata e l'importanza geopolitica.

The Obbligazione issued by Israëli ( Israel ) , in USD, with the ISIN code US46513EHJ47, pays a coupon of 5.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/03/2014







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Table of Contents
Filed Pursuant to rule 424(b)(3)
Registration No. 333-112271

This Prospectus Supplement should be read in conjunction with
the Prospectus dated February 18, 2004.
$500,000,000

State of Israel
5.125% Bonds due March 1, 2014
This is an offering by the State of Israel of an aggregate of $500,000,000 5.125% bonds due March 1, 2014.
The full faith and credit of Israel will be pledged for the due and punctual payment of all principal and interest on
the bonds.
Interest on the bonds will be payable semi-annually on March 1 and September 1 of each year, beginning on
September 1, 2004. The bonds will be issued only in denominations of $2,000 and integral multiples of $1,000
above that amount.
The bonds will be designated Collective Action Securities and, as such, will contain provisions regarding
meetings of holders, acceleration of the bonds in an event of default and future modifications to the terms of the
bonds that differ from those applicable to much of Israel's outstanding public external indebtedness. Under these
provisions, which are described in the sections entitled "Debt Securities -- Default" beginning on page 8 of the
accompanying prospectus and "Collective Action Securities" beginning on page 11 of the accompanying
prospectus, Israel may amend the payment provisions of the bonds, including the principal amount and interest
rate, and take certain other actions with the consent of the holders of 75% of the aggregate principal amount of
the outstanding bonds.
Application has been made to list the bonds on the Luxembourg Stock Exchange.





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Per
Bond
Total
Public Offering Price
99.421%
$497,105,000
Commissions

0.200%
$
1,000,000
Proceeds to the State of Israel (before



expenses)
99.221%
$496,105,000
The public offering price set forth above does not include accrued interest, if any. Interest on the bonds will
accrue from March 2, 2004 and must be paid by the purchaser if the bonds are delivered after March 2, 2004.
None of the Securities and Exchange Commission, any state securities commission, the Luxembourg
Stock Exchange nor any foreign governmental agency has approved or disapproved of these securities or
determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
The bonds are expected to be delivered in book-entry form only to purchasers through The Depository Trust
Company, Clearstream Banking, Luxembourg, société anonyme, and the Euroclear System on or about March 2,
2004.
Joint Book-Running Managers
Citigroup
UBS Investment Bank
Bear, Stearns & Co. Inc.

Credit Suisse First Boston

HSBC

JPMorgan

Lehman Brothers

Merrill Lynch & Co.
Prospectus Supplement dated February 26, 2004
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On February 26, 2004, the Bank of Israel foreign exchange representative rate for U.S. dollars was 4.481 New
Israeli Shekels, or NIS, per U.S. dollar. References to "US$" or "$" in this prospectus supplement are to U.
S. dollars and references to "NIS" or "shekel" are to New Israeli Shekels. For a discussion of the convertibility of
the NIS, see "Balance of Payments and Foreign Trade -- Foreign Exchange Controls and International Reserves"
in Exhibit D to Israel's annual report on Form 18-K for the fiscal year ended December 31, 2002.
OFFICIAL STATEMENTS
Information included in this prospectus supplement, the accompanying prospectus and in the registration
statement relating to the bonds that is identified as being derived from a publication of Israel or one of its
agencies or instrumentalities or the Bank of Israel is included on the authority of that publication as a public
official document of Israel or the Bank of Israel. All other information in this prospectus supplement, the
accompanying prospectus and in the registration statement, other than the information included under the caption
"Underwriting", is included as a public official statement made on the authority of the Director General of the
Ministry of Finance of Israel, in his official capacity.
ABOUT THIS PROSPECTUS SUPPLEMENT
Israel accepts responsibility for the contents of the prospectus and the prospectus supplement. Israel, having
made all reasonable inquiries, confirms that this prospectus supplement and the accompanying prospectus contain
all information with respect to Israel and the bonds which is material in the context of the issue and offering of
the bonds, and that, to the best of Israel's knowledge and belief, there are no other facts the omission of which
would make any such information materially misleading.
A Description of the State of Israel is contained in Exhibit D to the annual report of the State of Israel on
Form 18-K for the fiscal year ended December 31, 2002, which is incorporated by reference in the prospectus.
Except as described under the heading "Recent Developments" in this prospectus supplement, there have been no
material adverse changes that would affect the information about the State of Israel included in the Description of
the State of Israel contained in Exhibit D.
Prospective investors should rely on the information provided in this prospectus supplement, the
accompanying prospectus and the documents incorporated by reference in this prospectus supplement and the
accompanying prospectus. No person is authorized to make any representation or give any information not
contained in this prospectus supplement, the accompanying prospectus or the documents incorporated by
reference in this prospectus supplement and the accompanying prospectus. Any such representation or
information not contained in this prospectus supplement, the accompanying prospectus or the documents
incorporated by reference in this prospectus supplement and the accompanying prospectus must not be relied
upon as having been authorized by Israel or the underwriters. Please see "Listing and General Information --
Where You Can Find More Information" for information on the documents that are incorporated by reference in
this prospectus supplement and the accompanying prospectus.
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Israel is not offering to sell or soliciting offers to buy any securities other than the bonds offered under this
prospectus supplement, nor is Israel offering to sell or soliciting offers to buy the bonds in places where such
offers are not permitted by applicable law. You should not assume that the information in this prospectus
supplement or the accompanying prospectus, or the information Israel has previously filed with the Securities and
Exchange Commission, or the SEC, and incorporated by reference in this prospectus supplement and the
accompanying prospectus, is accurate as of any date other than their respective dates. Israel's economic, fiscal or
political circumstances may have changed since such dates.
The bonds described in this prospectus supplement are debt securities of Israel being offered under a
registration statement filed with the SEC under the U.S. Securities Act of 1933, as amended. The accompanying
prospectus is part of that registration statement. The accompanying prospectus provides you with a general
description of the securities that Israel may offer, and this prospectus supplement contains specific information
about the terms of this offering and the bonds. This prospectus supplement also adds, updates or changes
information provided or incorporated by reference in the accompanying prospectus. Consequently, before you
invest, you should read this prospectus supplement together with the accompanying prospectus as well as the
documents incorporated by reference in this prospectus supplement and the accompanying prospectus. See
"Incorporation by Reference" for a description of the documents incorporated by reference in this prospectus
supplement and the accompanying prospectus. Those documents (such as Israel's annual report on Form 18-K for
2002, which was filed on June 30, 2003, as amended from time to time) contain information regarding Israel, the
bonds and other matters. The registration statement, any post-effective amendments thereto, the various exhibits
thereto, and the documents incorporated therein by reference, contain additional information about Israel and the
bonds. Certain terms used but not defined in this prospectus supplement are defined in the prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the
bonds in certain jurisdictions may be restricted by law. Persons who receive copies of this prospectus supplement
and the accompanying prospectus should inform themselves about and observe any of those restrictions. See
"Underwriting" in this prospectus supplement.
This prospectus supplement and the accompanying prospectus, including the documents incorporated by
reference in this prospectus supplement and the accompanying prospectus, may be used only for the purposes for
which they have been produced in connection with the offering of the bonds. Any use of this prospectus
supplement and the accompanying prospectus, including the documents incorporated by reference in this
prospectus supplement and the accompanying prospectus, other than in connection with the offering of the bonds,
is unauthorized.
INCORPORATION BY REFERENCE
Israel has filed its annual report for 2002 on Form 18-K with the SEC. The annual report of Israel for 2002
on Form 18-K, each additional amendment to that annual report on Form 18-K and each subsequent annual report
on Form 18-K that Israel files with the SEC after the date of this prospectus supplement, but before the end of the
offering of the bonds, are considered part of and incorporated by reference in this prospectus supplement. All of
these documents have been filed with the SEC and may be inspected at the office of the SEC. You may also
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obtain a copy of all such documents, free of charge, at the offices of the fiscal agent in New York City or the
listing agent in
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Luxembourg or at the office listed in the prospectus under the heading "Where You Can Find More Information
About the State of Israel". In addition, the SEC maintains an Internet site that contains reports and other
information regarding issuers, like Israel, that file electronically with the SEC (www.sec.gov).
FORWARD LOOKING STATEMENTS
Israel has made forward looking statements in the prospectus supplement and the prospectus. Statements that
are not historical facts are forward looking statements. These statements are based on Israel's current plans,
estimates, assumptions and projections. Therefore, you should not place undue reliance on them. Forward
looking statements speak only as of the date they are made, and Israel undertakes no obligation to update any of
them in light of new information or future events.
Forward looking statements involve inherent risks. Israel cautions you that many factors could affect the
future performance of the Israeli economy. These factors include, but are not limited to:

· External factors, such as:

· the security situation;


· economic growth abroad, particularly in the United States;


· the global high-tech market;


· interest rates in financial markets outside Israel;


· impact of changes in the credit rating of Israel; and


· regional economic and political conditions.

· Internal factors, such as:

· general economic and business conditions in Israel;


· present and future exchange rates of the Israeli currency;


· foreign currency reserves;


· level of domestic debt;

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· domestic inflation;


· level of budget deficit;


· level of foreign direct and portfolio investment; and


· level of Israeli domestic interest rates.
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Table of Contents
SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more
detailed information appearing elsewhere in this prospectus supplement and the accompanying prospectus.

Issuer
State of Israel.

Title of Security
5.125% bonds due March 1, 2014.

Aggregate Principal Amount
US$500,000,000.

Maturity Date
March 1, 2014.

Interest Rate
5.125% per annum.

Interest Payment Dates
March 1 and September 1 of each year, starting September 1, 2004.

Price to Public
99.421% of the principal amount.

Form
Israel will issue the bonds in the form of one or more book-entry securities in
fully registered form, without coupons. Israel will not issue the bonds in bearer
form.

Denominations
Israel will issue the bonds in denominations of US$2,000 and integral multiples
of US$1,000 above that amount.

Payment of Principal and
Principal and interest on the bonds will be payable in U.S. dollars or other legal
Interest
tender, coin or currency of the United States of America.

Status
The bonds will rank equal in right of payment with all of Israel's existing and
future unsecured and unsubordinated external indebtedness.

Redemption; Sinking Fund
The bonds will not be redeemable prior to maturity and are not entitled to the
benefit of any sinking fund.

Default
The bonds will contain events of default, the occurrence of which may result in
the acceleration of Israel's obligations under the bonds prior to maturity upon
notice by holders of at least 25% of the aggregate principal amount of the
outstanding bonds. See "Debt Securities -- Default" and "Collective Action
Securities -- Acceleration of Maturity" in the accompanying prospectus.
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