The following rules apply to bond issues by traded companies or by companies issuing bonds for the first time:

    ·   Shareholders’ equity: NIS 24 million, or one of the following alternatives:

A.    Shareholders’ equity of 16 million NIS and a local rating of (BBB-) or (Baa3) at least.

B.   Local rating of at least (A-) or (A3) at least or  international rating of at least (BBB-).

C.   Value of the bond series – NIS 200 million.

D.   For a listed company: value of traded shares – NIS 200 million.

    ·     Series market cap. – NIS 36 million.

    ·     Minimum distribution of public holdings – 35 holders of the bond series, with a value of NIS 200,000 held by each holder.

The terms of the bonds may specify conditions under which the company is entitled to force an early redemption of the bonds.