Obbligazione Israëli 4.125% ( US46513YJJ82 ) in USD

Emittente Israëli
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Israele
Codice isin  US46513YJJ82 ( in USD )
Tasso d'interesse 4.125% per anno ( pagato 2 volte l'anno)
Scadenza 16/01/2048



Prospetto opuscolo dell'obbligazione Israel US46513YJJ82 en USD 4.125%, scadenza 16/01/2048


Importo minimo 200 000 USD
Importo totale 1 000 000 000 USD
Cusip 46513YJJ8
Coupon successivo 17/01/2026 ( In 32 giorni )
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 US46513YJJ82, pays a coupon of 4.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 16/01/2048







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TABLE OF CONTENTS
?Filed Pursuant to Rule 424(b)(5)?
?Registration No. 333-184134?
This Prospectus Supplement should be read in conjunction with
the Prospectus dated January 6, 2016.
$2,000,000,000
State of Israel
$1,000,000,000 3.250% Bonds due January 17, 2028
$1,000,000,000 4.125% Bonds due January 17, 2048
?
This is an offering by the State of Israel ("Israel" or the "State of Israel") of an aggregate of? $1,000,000,000 3.250% bonds due 2028 (the "2028 bonds")
and $1,000,000,000 4.125% bonds due 2048 (the "2048 bonds" and, together with the 2028 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 to require Israel to make payments under the bonds ratably with payments
being made under any other external indebtedness of Israel.
Interest on the 2028 bonds will be payable semi-annually on January 17 and July 17 of each year, beginning on July 17, 2018. Interest on the 2048 bonds
will be payable semi-annually on January 17 and July 17 of each year, beginning on July 17, 2018. 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).
See the section entitled "Risk Factors" beginning on page S-7 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," 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 of Israel. Under the provisions applicable to the 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, whether or not the "uniformly applicable"
requirements are met, more than 66 /
2 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.
?
? ? Per 2028 bonds ? ?
Total
? ? Per 2048 bonds ? ?
Total
?
Public Offering Price
? ?
??99.291%
? ? ? ?$992,910,000 ? ? ?
??99.098%
? ? ? ?$990,980,000 ? ?
Underwriting discounts and commissions
? ?
?? 0.125%
? ? ? ?$
1,250,000 ? ? ?
?? 0.250%
? ? ? ?$
2,500,000 ? ?
Proceeds to the State of Israel (before expenses)
? ?
??99.166%
? ? ? ?$991,660,000 ? ? ?
??98.848%
? ? ? ?$988,480,000 ? ?
The public offering prices set forth above do not include accrued interest, if any. Interest on the 2028 bonds will accrue from January 17, 2018 and must
be paid by the purchaser if the bonds are delivered after January 17, 2018. Interest on the 2048 bonds will accrue from January 17, 2018 and must be paid by
the purchaser if the bonds are delivered after January 17, 2018.
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 January 17, 2018 (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
?Citigroup
?? Deutsche Bank Securities ??Goldman Sachs & Co. LLC??
Prospectus Supplement dated January 10, 2018
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TABLE OF CONTENTS?
TABLE OF CONTENTS
?
? ?
Page
?
Prospectus Supplement
?
NIS Exchange Rates
? ??? S-1??
Fiscal Year
? ??? S-1??
Official Statements
? ??? S-1??
About this Prospectus Supplement
? ??? S-2??
Forward-Looking Statements
? ??? S-3??
Summary of the Offering
? ??? S-4??
Risk Factors
? ??? S-7??
Use of Proceeds
? ???S-10??
Recent Developments
? ???S-11??
Description of the Bonds
? ???S-21??
Taxation
? ???S-28??
Jurisdiction, Consent to Service and Enforceability
? ???S-33??
Underwriting
? ???S-34??
Stabilization
? ???S-35??
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??
?
? ?
Page
?
Prospectus
?
Where You Can Find More Information
? ???
1??
Use of Proceeds
? ???
1??
Debt Securities
? ???
1??
Governing Law
? ???
12??
Plan of Distribution
? ???
12??
Official Statements
? ???
13??
Validity of the Debt Securities
? ???
13??
Authorized Representative
? ???
13??
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TABLE OF CONTENTS? ? ?
NIS EXCHANGE RATES
On January 10, 2018, the Bank of Israel foreign exchange rate for U.S. dollars was 3.4290 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. For a discussion of the convertibility of the
NIS, see "Currency Protocol" and "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, 2016, as amended.
FISCAL YEAR
The fiscal year of the Government of Israel (the "Government") ends December 31. The twelve-month period
that ended on December 31, 2016 is referred to herein as "2016", 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 and therein 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.
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ABOUT THIS PROSPECTUS SUPPLEMENT
Israel accepts responsibility for the contents of this prospectus supplement and the accompanying prospectus,
including the documents incorporated herein and therein 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 in all material respects and
contains no material 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, 2016, as amended. Such Annual Report on Form 18-K for the
year ended December 31, 2016 (including its exhibits), as amended, 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
2016, as amended) contain information regarding Israel, the bonds and other relevant 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 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.
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TABLE OF CONTENTS?
FORWARD-LOOKING STATEMENTS
Israel has made forward-looking statements in this prospectus supplement and the accompanying prospectus,
including the documents incorporated by reference herein and therein. 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 and therein, are based on
Israel's current plans, estimates, assumptions and projections, all of which may change or may not align with actual
results. 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 global and regional 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;
?
·
the security situation 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.
?
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?
S-3
TABLE OF CONTENTS?
SUMMARY OF THE OFFERING
The following summary 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, including the "Risk Factors" section and the documents
incorporated by reference 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 herein and therein, as a whole.
Issuer
State of Israel.
Title of Securities
$1,000,000,000 3.250% bonds due 2028.
$1,000,000,000 4.125% bonds due 2048.
Maturity Date
2028 bonds will mature on January 17, 2028.
2048 bonds will mature on January 17, 2048.
Interest Rate
3.250% per annum for the 2028 bonds.
4.125% per annum for the 2048 bonds.
Interest Payment Dates
January 17 and July 17 of each year, starting July 17, 2018, for the
2028 bonds.
January 17 and July 17 of each year, starting July 17, 2018, for the
2048 bonds.
Price to Public
99.291% of the principal amount for the 2028 bonds.
99.098% of the principal amount for the 2048 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 to
require Israel to make payments under the bonds ratably with
payments being made under any other external indebtedness of
Israel.
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 -- Collective Action Securities Issued On or
After January 5, 2016 -- Default" and "-- Acceleration of
Maturity" in the accompanying prospectus.
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Collective Action Securities
The bonds will be designated Collective Action Securities under
the Fiscal Agency Agreement, dated as of March 13,
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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 of Israel. 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, whether or not the "uniformly
applicable" requirements are met, 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.
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
The 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.
Taxation
For a discussion of the material Israeli and United States federal
income 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 U.S. federal, state and local, non-U.S. and 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,
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and subject to the required approvals under Israeli law, Israel may
create and issue additional debt securities with the
S-5
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same terms and conditions as those of the bonds (except for the
amount of the first interest payment and the issue price); provided
that such additional debt securities, for U.S. federal income tax
purposes, are treated as having the same tax characteristics as the
bonds. See "Debt Securities -- Collective Action Securities Issued
On or After January 5, 2016" 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.
Risk Factors
There are certain risks relating to the issue of the bonds, which
investors should ensure they fully understand. See "Risk Factors."
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.
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RISK FACTORS
You should read this entire prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein and therein 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 that 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 bonds
The bonds may not be a suitable investment for all investors.
You must determine the suitability of investment in the bonds in light of your own circumstances. In
particular, you should:
(1) have sufficient knowledge and experience to make a meaningful evaluation of the bonds and the merits
and risks of investing in the bonds;
?
(2) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of your
particular financial situation, an investment in the bonds and the impact the bonds will have on your
overall investment portfolio;
?
(3) have sufficient financial resources and liquidity to bear all of the risks of an investment in the bonds,
including where the currency for principal or interest payments is different from your currency;
?
(4) understand thoroughly the terms of the bonds and be familiar with the behavior of any relevant indices
and financial markets; and
?
(5) be able to evaluate (either alone or with the help of a financial advisor) possible scenarios for economic,
interest rate and other factors that may affect your investment and your ability to bear the applicable
risks.
?
There is no assurance that active secondary markets for the bonds will develop.
The bonds are new securities for which there currently are no public markets. There can be no assurance that
an active trading market for any series of the bonds will develop, or, if one does develop, that it will be maintained.
If an active trading market for any series of the bonds does not develop or is not maintained, the market or trading
price and liquidity of such series of the bonds may be adversely affected. If the bonds are traded after their initial
issuance, they may trade at a discount to their initial offering price, depending upon prevailing interest rates, the
market for similar securities, recommendations from securities analysts, general economic conditions and the
financial condition of the State of Israel. Although an application will be made to list and trade the bonds on the
Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock Exchange, there is no assurance that such
application will be accepted. Even if the bonds are approved for listing and trading by the Regulated Market
"Bourse de Luxembourg" of the Luxembourg Stock Exchange, active trading markets for the bonds on the
Regulated Market "Bourse de Luxembourg" of the Luxembourg Stock Exchange may not develop or, even if they
develop, may not last, in which case the trading price of the bonds could be adversely affected and your ability to
transfer the bonds will be limited.
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The bonds contain provisions that permit Israel to amend the payment terms and take certain other actions
without the consent of all holders.
The bonds contain provisions regarding acceleration and voting on amendments, modifications, changes and
waivers, which are commonly referred to as "collective action clauses." For a description of the collective action
clauses applicable to the bonds, see "Debt Securities -- Collective Action Securities Issued On or After January 5,
2016 -- Meetings and Amendments; Modifications" in the accompanying prospectus. 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.
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There can be no assurance that the laws of the State of New York will not be modified.
The terms and conditions of the bonds will be governed by the laws of the State of New York. No assurance
can be given as to the impact of any possible judicial decision or change to New York law or administrative
practice after the date of this prospectus supplement.
Legal investment considerations may restrict certain investments.
The investment activities of certain investors are subject to legal investment laws and regulations, or review or
regulation by certain authorities. You should consult your legal advisors to determine whether and to what extent
(i) the bonds are a legal investment for you, (ii) the bonds can be used as collateral for various types of borrowing
and (iii) other restrictions apply to your purchase or pledge of any bonds. Financial institutions should consult their
legal advisors or the appropriate regulators to determine the appropriate treatment of the bonds under any applicable
risk-based capital or similar rules.
The trading market for debt securities may be volatile and may be adversely impacted by many events.
The market for the bonds issued by the State of Israel is influenced by economic and market conditions and, to
varying degrees, interest rates, currency exchange rates and inflation rates in the United States and Europe and
other industrialized countries. There can be no assurance that events in Israel, the United States, Europe or
elsewhere will not cause market volatility or that such volatility will not adversely affect the price of the bonds or
that economic and market conditions will not have any other adverse effect.
Investors in the bonds may be subject to interest rate risks.
Investment in fixed rate bonds involves the risk that subsequent changes in market interest rates may adversely
affect the value of the fixed rate bonds.
The bonds are unsecured.
The bonds constitute unsecured obligations of the State of Israel.
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 of Israel, the impact of changes in the
credit rating of Israel, the global, regional and Israeli security situations, 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.
https://www.sec.gov/Archives/edgar/data/52749/000114420418001881/tv482686-424b5.htm[1/11/2018 4:47:16 PM]


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