Obligation Israëli 2.875% ( US46513CXR23 ) en USD

Israëli

98.27 % ▲

Israel

US46513CXR23 ( en USD )

2.875% par an ( paiement semestriel )

15/03/2026

Prospectus brochure de l'obligation Israel US46513CXR23 en USD 2.875%, échéance 15/03/2026

46513CXR2

16/09/2025 ( Dans 122 jours )

Israël est une nation du Moyen-Orient située sur la côte orientale de la mer Méditerranée, connue pour son histoire riche, sa diversité culturelle et son rôle géopolitique important.

L'Obligation émise par Israëli ( Israel ) , en USD, avec le code ISIN US46513CXR23, paye un coupon de 2.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/03/2026

This Prospectus Supplement should be read in conjunction with
the Prospectus dated January 6, 2016.
$1,500,000,000
State of Israel
$1,000,000,000 2.875% Bonds due March 16, 2026
$500,000,000 4.50% Bonds due January 30, 2043
This is an offering by the State of Israel of an aggregate of $1,000,000,000 2.875% bonds due 2026 (the "2026 bonds") and $500,000,000 4.50%
bonds due 2043 (the "2043 bonds" and, together with the 2026 bonds, the "bonds").
The bonds will constitute direct, general, unconditional, unsecured and unsubordinated external indebtedness of the State of Israel. The bonds will
rank without preference among themselves and equally with all other unsecured and unsubordinated external indebtedness of Israel and will be backed
by the full faith and credit of Israel. It is understood that this provision shall not be construed so as to require Israel to make payments under the bonds
ratably with payments being made under any other external indebtedness of Israel.
Interest on the 2026 bonds will be payable semi-annually on March 16 and September 16 of each year, beginning on September 16, 2016. Interest
on the 2043 bonds will be payable semi-annually on January 30 and July 30 of each year, beginning on July 30, 2016. The bonds will be issued only in
denominations of $200,000 and integral multiples of $1,000 above that amount.
This prospectus supplement and accompanying prospectus constitute a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC, as
amended (the "Prospectus Directive").
Application will be made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF"), as
competent authority under the Prospectus Directive, to approve this prospectus supplement and the accompanying prospectus, as a prospectus for the
purposes of the Prospectus Directive. The CSSF assumes no responsibility as to the economic and financial soundness of the transaction or the
solvency of the State of Israel.
Application will be made to list the bonds on the official list of the Luxembourg Stock Exchange and to have the bonds admitted to trading on the
regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg), which is a regulated market for the purposes of the Market in Financial
Instruments Directive (2004/39/EC).
As of their issuance, the 2043 bonds will be a further issuance of, will trade interchangeably with, rank equally with and form a single issue and
series with, our 4.50% bonds due 2043 which were issued on January 31, 2013 and of which there are currently $1,000,000,000 aggregate principal
amount outstanding. Following the issuance of the 2043 bonds offered by this prospectus supplement, the aggregate principal amount of the
outstanding 4.50% bonds due 2043 will be $1,500,000,000.
See the section entitled "Risk Factors" beginning on page S-9 for a discussion of certain factors you should consider before investing in
the bonds.
The bonds will be designated collective action securities and will, therefore, contain "collective action clauses," as described below, regarding
meetings of holders, acceleration of the bonds in an event of default and future modifications to the terms of the bonds. Some of these provisions differ
from those applicable to certain other series of bonds issued by the State.
2026 bonds. Under the provisions applicable to the 2026 bonds, which are described beginning on page 5 of the accompanying
prospectus, Israel may amend the payment provisions of the bonds and other "reserve matters" with the consent of the holders of: (1)
with respect to a single series of bonds, more than 75% of the aggregate principal amount outstanding of such series; (2) with respect to
two or more series of bonds, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount
of the outstanding bonds of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more
series of bonds, more than 662/3% of the aggregate principal amount of the outstanding bonds of all series affected by the proposed
modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding bonds of each series
affected by the proposed modification, taken individually.
2043 bonds. Under the provisions applicable to the 2043 bonds, which are described beginning on page 9 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, in
each case with the consent of the holders of 75% of the aggregate principal amount of the outstanding bonds.
Per 2026 bonds
Total
Per 2043 bonds
Total
Public Offering Price ................................................................
99.423%
$994,230,000
105.116%
$525,580,000
Underwriting discounts and commissions ................................
0.125%
$ 1,250,000
0.250%
$ 1,250,000
Proceeds to the State of Israel (before expenses)......................
99.298%
$992,980,000
104.866%
$524,330,000
The public offering prices set forth above do not include accrued interest, if any. Interest on the 2026 bonds will accrue from March 16, 2016 and
must be paid by the purchaser if the bonds are delivered after March 16, 2016. Interest on the 2043 bonds will accrue from January 30, 2016, the most
recent interest payment date, for the outstanding 4.50% bonds due 2043. Interest accrued on the 2043 bonds from January 30, 2016 to but excluding the
issue date must be paid by the purchaser.
Neither the Securities and Exchange Commission (the "SEC") nor any regulatory body in the United States has approved or disapproved
of these securities or passed upon the accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the
contrary is a criminal offense.
The bonds are expected to be delivered on or about March 16, 2016 (the "issue date") in book-entry form only to purchasers through The
Depository Trust Company, Clearstream Banking, Luxembourg, société anonyme, and the Euroclear System.
Joint Book-Running Managers
Barclays
Citigroup
Goldman, Sachs & Co.
Prospectus Supplement dated May 6, 2016

TABLE OF CONTENTS
Page
Prospectus Supplement
Nis Exchange Rates..................................................................................................................................... S-2
Fiscal Year................................................................................................................................................... S-2
Official Statements ...................................................................................................................................... S-2
About This Prospectus Supplement............................................................................................................. S-3
Forward-Looking Statements ...................................................................................................................... S-5
Overview of the Offering ............................................................................................................................ S-6
Risk Factors................................................................................................................................................. S-9
Use of Proceeds ......................................................................................................................................... S-12
Recent Developments................................................................................................................................ S-13
Description of the Bonds ........................................................................................................................... S-22
Taxation..................................................................................................................................................... S-29
Underwriting ............................................................................................................................................. S-35
Stabilization............................................................................................................................................... S-36
Offering Restrictions ................................................................................................................................. S-36
Listing, Admission to Trading and General Information........................................................................... S-39
Validity of the Bonds................................................................................................................................. S-41
Incorporation by Reference ....................................................................................................................... S-41
Incorporation by Reference Cross-Reference Table.................................................................................. S-42
Prospectus
Where You Can Find More Information .........................................................................................................1
Use of Proceeds ...............................................................................................................................................2
Debt Securities ................................................................................................................................................2
Governing Law..............................................................................................................................................13
Plan Of Distribution ......................................................................................................................................13
Official Statements ........................................................................................................................................13
Validity of the Debt Securities ......................................................................................................................14
Authorized Representative ............................................................................................................................14
S-1

NIS EXCHANGE RATES
On May 5, 2016, the Bank of Israel foreign exchange rate for U.S. dollars was 3.7810 New Israeli Shekels, or
NIS, per U.S. dollar. References to dollar, ``US$"or ``$"in this prospectus supplement are to U.S. dollars and
references to ``NIS" or ``shekel" are to New Israeli Shekels.
FISCAL YEAR
The fiscal year of the Government of Israel (the ``Government") ends December 31. The twelve-month period
that ended on December 31, 2014 is referred to herein as ``2014", and other years are referred to in a similar
manner.
OFFICIAL STATEMENTS
Information included in this prospectus supplement and the accompanying prospectus, including the documents
incorporated herein by reference, 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.
S-2

ABOUT THIS PROSPECTUS SUPPLEMENT
Israel accepts responsibility for the contents of this prospectus supplement and the accompanying prospectus,
including the documents incorporated herein by reference. Israel further declares that, having taken all reasonable
care to ensure that such is the case, the information contained in this prospectus supplement and the accompanying
prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its
import.
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, 2014, as amended on January 7, 2016. Such Annual Report on Form
18-K for the year ended December 31, 2014 (including its exhibits), as amended on January 7, 2016, is incorporated
by reference 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 such Exhibit D as
amended through the date hereof.
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 by Israel or the underwriters 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 "Incorporation by Reference" and "Listing, Admission to
Trading 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.
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 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" and "Listing, Admission to Trading 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. Those documents (such as Israel's Annual Report on Form 18-K for
2014, as amended on January 7, 2016), 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 accompanying 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
S-3

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.
S-4

FORWARD-LOOKING STATEMENTS
Israel has made forward-looking statements in this prospectus supplement and the accompanying prospectus,
including the documents incorporated by reference herein. Statements that are not historical facts are forward-
looking statements. Forward-looking statements generally can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "could",
"should", "would" or similar terminology. Any forward-looking statements in this prospectus supplement and the
accompanying prospectus, including the documents incorporated by reference herein, 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:
interest rates in financial markets outside Israel;
the impact of changes in the credit rating of Israel;
the security situation;
the economic growth and stability of Israel's major trading partners, including the United States and
the European Union;
the global high-tech market; 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;
the level of domestic debt;
domestic inflation;
the level of budget deficit;
the level of foreign direct and portfolio investment; and
the level of Israeli domestic interest rates.
S-5

OVERVIEW OF THE OFFERING
The following overview should be read as an introduction to this prospectus supplement and 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. You should base any decision to invest in the bonds on
consideration of this prospectus supplement and the accompanying prospectus, including the documents
incorporated by reference, as a whole.
Issuer................................................................. State of Israel.
Title of Securities ............................................. $1,000,000,000 2.875% bonds due 2026.
$500,000,000 4.50% bonds due 2043.
Maturity Date................................................... 2026 bonds will mature on March 16, 2026.
2043 bonds will mature on January 30, 2043.
Interest Rate..................................................... 2.875% per annum for the 2026 bonds.
4.50% per annum for the 2043 bonds.
Interest Payment Dates ................................... March 16 and September 16 of each year, starting September 16,
2016, for the 2026 bonds.
January 30 and July 30 of each year, starting July 30, 2016, for the
2043 bonds. The first interest payment on the 2043 bonds will
include accrued interest from and including January 30, 2016.
Price to Public .................................................. 99.423% of the principal amount for the 2026 bonds.
105.116% of the principal amount for the 2043 bonds.
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 $200,000 and
integral multiples of $1,000 above that amount.
Payment of Principal and Interest ................. Principal and interest on the bonds will be payable in U.S. dollars
or other legal tender, coin or currency of the United States of
America.
Status and Ranking ......................................... The bonds will be direct, general, unconditional, unsecured and
unsubordinated external indebtedness of Israel. The bonds will
rank without preference among themselves and equally with all
other unsecured and unsubordinated external indebtedness of
Israel. It is understood that this provision shall not be construed so
as to require Israel to make payments under the bonds ratably with
payments being made under any other external indebtedness of
Israel.
The 2043 bonds will be a further issuance of, will trade
interchangeably with, rank equally with and form a single issue
and series with, our 4.50% bonds due 2043 which were issued on
January 31, 2013 and of which there are currently $1,000,000,000
aggregate principal amount outstanding. Following the issuance of
2043 bonds offered by this prospectus supplement, the aggregate
principal amount of the outstanding 4.50% bonds due 2043 will be
$1,500,000,000.
S-6

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. For the
2026 bonds, see "Debt Securities -- Collective Action Securities
Issued On or After January 5, 2016 -- Default" and "--
Acceleration of Maturity" in the accompanying prospectus. For
the 2043 bonds, see "Debt Securities -- Collective Action
Securities Issued Prior to January 5, 2016 -- Default" and "--
Acceleration of Maturity" in the accompanying prospectus.
Risk Factors ..................................................... There are certain risks relating to the issue of the bonds, which
investors should ensure they fully understand. See "Risk Factors".
Collective Action Securities ............................ 2026 bonds. The 2026 bonds will be designated Collective Action
Securities under the Fiscal Agency Agreement, dated as of March
13, 2000, as amended by Amendment No. 1 thereto, dated as of
February 24, 2004, and Amendment No. 2 thereto, dated as of
January 5, 2016 and, as such, will contain provisions regarding
acceleration and voting on amendments, modifications, changes
and waivers that differ from those applicable to certain other series
of bonds issued by the State. Under these provisions, which are
described in the section "Debt Securities -- Collective Action
Securities Issued On or After January 5, 2016" in the
accompanying prospectus, Israel may amend the payment
provisions of the bonds and other "reserve matters" with the
consent of the holders of: (1) with respect to a single series of
debt securities, more than 75% of the aggregate principal amount
outstanding of such series; (2) with respect to two or more series
of debt securities, if certain "uniformly applicable" requirements
are met, more than 75% of the aggregate principal amount of the
outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate; or (3) with respect to two or
more series of debt securities, more than 662/3% of the aggregate
principal amount of the outstanding debt securities of all series
affected by the proposed modification, taken in the aggregate, and
more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed
modification, taken individually. Certain of these actions may be
taxable events requiring holders to recognize gain or loss for U.S.
federal income tax purposes. See "Taxation -- United States" in
this prospectus supplement.
2043 bonds. The 2043 bonds will be designated Collective Action
Securities under the Fiscal Agency Agreement, dated as of March
13, 2000, as amended by Amendment No. 1 thereto, dated as of
February 24, 2004 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 certain other series of bonds issued
by the State. Under these provisions, which are described in the
section "Debt Securities -- Collective Action Securities Issued
Prior to January 5, 2016" in the accompanying prospectus, Israel
may amend the payment provisions of the bonds (including their
S-7

principal amount, interest rate, currency of payment and payment
dates) and take certain other actions, in each case with the consent
of the holders of 75% of the aggregate principal amount of the
outstanding bonds. Certain of these actions may be taxable events
requiring holders to recognize gain or loss for U.S. federal income
tax purposes. See "Taxation -- United States" in this prospectus
supplement.
Listing and Listing Agent................................ Application will be made to list the bonds on the official list and
admit the bonds to trade on the Regulated Market of the
Luxembourg Stock Exchange. It is expected that the Luxembourg
listing agent will be Banque Internationale à Luxembourg, société
anonyme.
Fiscal Agent ...................................................... 2026 bonds. The 2026 bonds will be issued pursuant to a Fiscal
Agency Agreement dated as of March 13, 2000, as amended by
Amendment No. 1 to Fiscal Agency Agreement dated as of
February 24, 2004, and Amendment No. 2 to Fiscal Agency
Agreement dated as of January 5, 2016, between Israel and
Citibank, N.A., as fiscal agent, paying agent, transfer agent and
registrar.
2043 bonds. The 2043 bonds will be issued pursuant to a Fiscal
Agency Agreement dated as of March 13, 2000, as amended by
Amendment No. 1 to Fiscal Agency Agreement dated as of
February 24, 2004, between Israel and Citibank, N.A., as fiscal
agent, paying agent, transfer agent and registrar.
Taxation............................................................ For a discussion of the Israeli and United States tax consequences
associated with the bonds, see "Taxation" in this prospectus
supplement and "Debt Securities -- Taxation by Israel; Additional
Amounts" in the accompanying prospectus. Investors should
consult their own tax advisors in determining the foreign, United
States federal, state, local and any other tax consequences to them
of the purchase, ownership and disposition of the bonds.
Further Issuances ............................................ From time to time, without the consent of holders of the bonds,
and subject to the required approvals under Israeli law, Israel may
create and issue additional debt securities with the same terms and
conditions as those of the bonds (or the same except for the
amount of the first interest payment and the issue price), provided
that such additional debt securities, for purposes of U.S. federal
income taxation are treated as having the same tax characteristics
as the bonds. For the 2026 bonds, see "Debt Securities --
Collective Action Securities Issued On or After January 5, 2016
-- Further Issuances of Debt Securities of a Series" in the
accompanying prospectus. For the 2043 bonds, see "Debt
Securities -- Collective Action Securities Issued Prior to January
5, 2016 -- Further Issuances of Debt Securities of a Series" in the
accompanying prospectus.
Governing Law ................................................ The bonds will be governed by the laws of the State of New York,
except with respect to the authorization and execution of the
bonds, which will be governed by the laws of the State of Israel.
Where a claim relating to the information contained in this prospectus supplement or the accompanying
prospectus is brought before a court, the plaintiff investor might, under the national legislation of the place of
jurisdiction, have to bear the costs of translating this prospectus supplement and the accompanying prospectus
before the legal proceedings are initiated.
S-8

RISK FACTORS
You should read this entire prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein carefully. Words and expressions defined elsewhere in this prospectus supplement
or the accompanying prospectus have the same meaning in this section. Investing in the bonds involves certain risks.
Factors which are material for assessing the market risks associated with the bonds are described below. You
should consult with your financial, tax, legal, accounting and other advisors, prior to deciding whether to make an
investment in the bonds.
Risks related to the State of Israel and the geopolitical and economic environment
External factors including regional and international political and economic conditions may adversely affect the
trading price of the bonds and Israel's access to credit.
Israel's access to credit in the international capital markets is affected by regional and international political and
economic conditions, including interest rates in financial markets outside Israel, the impact of changes in the credit
rating of Israel, the security situation, the economic growth and stability of Israel's major trading partners, and the
global high-tech market. As a result, political, economic or market factors, which may be outside Israel's control,
may impact the debt dynamics of Israel and could adversely affect Israel's cost of funds in the international capital
markets and the liquidity of and demand for Israel's debt securities, including the bonds. In addition, any negative
change in the credit rating of Israel could adversely affect the trading price of Israel's debt securities, including the
bonds.
Israel's political, economic and military environment may continue to be volatile.
Israel has from time to time experienced political volatility and has been subject to ongoing security concerns.
Since the establishment of the State of Israel in 1948, a number of armed conflicts have occurred between Israel and
its Arab neighbors. Political instability in the Middle East has increased since the terrorist attacks of September 11,
2001, the U.S. intervention in Iraq and news of Iran's reported nuclear program. Since 2005, when Israel withdrew
from the Gaza strip, terrorist violence from Gaza has increased. If the level of instability and violence increases in
the future, Israel's capital markets, the level of tourism in Israel and foreign investment in Israel, among other
things, may suffer. The conflicts with Hamas in the Gaza strip and with Hezbollah in Lebanon may worsen and
potentially affect Israel's economic condition. In addition, political volatility may affect the stability of the Israeli
economy.
Since January 2011, there have been varying degrees of political instability and public protests within Middle
Eastern and North African countries including (without limitation) Bahrain, Egypt, Libya, Syria, Tunisia and
Yemen. This unrest resulted in the removal of long-standing leadership in several of the aforementioned countries
and created turbulent political situations in others. The delicate relations between Israel and its neighbors could
become even more fragile with the domestic turmoil and change in regimes. Although such instances of instability
in the Middle East have not materially affected Israel's financial or political situation as of the date of this
prospectus supplement, and Israel believes that countries that have signed peace agreements with Israel remain
committed to them, regardless of internal political developments, there can be no assurance that such instability in
the region will not escalate in the future, that such instability will not spread to additional countries in the region
othat current or new governments in the region will be successful in maintaining domestic order and stability, or that
Israel's financial or political situation will not be affected thereby. This uncertainty is highlighted by recent fighting
in Syria and Iraq, where an Islamist militia group known as ISIS (Islamist State in Iraq and Syria) is challenging the
territorial boundaries of both states.
Israel is a foreign sovereign state and accordingly it may be difficult to obtain or enforce judgments against it.
Israel is a sovereign state. Although Israel has waived its sovereign immunity in respect of the bonds, except for
its sovereign immunity in connection with any actions arising out of or based on United States federal or state
securities laws, enforcement in the event of a default may nevertheless be impracticable by virtue of legal,
commercial, political or other considerations.
Because Israel has not waived its sovereign immunity in connection with any action arising out of or based on
United States federal or state securities laws, it will not be possible to obtain a United States judgment against Israel
based on such laws unless a court were to determine that Israel is not entitled under the United States Foreign
Sovereign Immunities Act of 1976, as amended, to sovereign immunity with respect to such actions.
S-9