All-Bond Universe

Major Threshold Criteria

1. ​Minimum average market capitalization
   • Bond series already included in the All-Bond Universe – 100M NIS
   • Bond series that are not included in the All-Bond Universe – 150M NIS
2. Minimum 30 calendar days
   The bond has been listed for at least consecutive trading 30 days..
3. Last Trading Day
   The Last Trading Day will be at the minimum two monthly updates from record date.
4. Trading deletion
   No trading deletions procedures had been issued.
5. Suspension
   The bond is not under 'Suspended Securities' list.
6. Trading units
   Bond series whose trading units are 1 NIS only.
7. Conversion or forced redemption
   Corporate bonds series that are not allowed for conversion or forced redemption (COCO Bonds are not allowed).

Tel-Bond Universe

Tel Bond Universe is comprised of the majority of corporate bond series included in All-Bond Universe.

Major Threshold Criteria

1. Issuer identity
   Corporate bonds only.
2. Minimum credit rating
   Minimum credit rating - Baa3 in Midroog rating or BBB- in Maalot (S&P) rating.
3. Redemption date
   On Record date, the Bond final maturity date is at least one year away.

New: Liquidity Criteria for Inclusion in Tel Bond Indices

The liquidity criterion for inclusion in the Tel Bond indices requires that a bond series meet a minimum median daily trading turnover threshold, alternatively the Bond series participates in the TASE's market-making program.

Currently, some companies do not meet the threshold conditions, and therefore participation in the program is significantly important.

Effective August 2026 update, the new threshold conditions will include minimum median daily trading turnover thresholds for both index inclusion and index removal. The median daily trading turnover is measured over a period of 180 days ending on the index update record date.

For example, in the July 2026 bond index update, the calculation period will be from January 11, 2026 through July 10, 2026 (inclusive).

The minimum median daily trading turnover thresholds for a corporate bond series in each index will be as follows:

Index	Median Daily Trading Turnover Threshold for Index Inclusion	Median Daily Trading Turnover Threshold for Index Deletion
Tel Bond-20	NIS 2 million	NIS 1 million
Tel Bond-40	NIS 1 million	NIS 500,000
Tel Bond Shekel-50	NIS 1 million	NIS 500,000
Tel Bond-Composite	NIS 150,000	NIS 75,000
Tel Bond Yields CPI Linked	NIS 150,000	NIS 75,000
Tel Bond-Yield NIS	NIS 150,000	NIS 75,000
Tel Bond-Global Shekel	NIS 150,000	NIS 75,000
All-Bond-General	NIS 150,000	NIS 75,000

 

A bond series participating in the corporate bond market-making program recently launched by the Exchange shall be deemed to meet this threshold condition.

The record date for meeting the new conditions – August 10, 2026

Effective date – August 27, 2026

Publication of Bond Series Status in Regards to meeting the New Threshold Conditions

The Exchange has published, for companies with corporate bonds (including financial bonds), a status report illustrating the extent to which each company’s bond series meets the new conditions, based on bond index updates to be conducted in April, May, June and July.

This is intended to assist each company in preparing and assessing its compliance with the new threshold conditions. It should be noted that index composition updates will be based on the final data of each update.

The snapshot is available at:

For the liquidity criteria data – July 2026 >> 

For the liquidity criteria data – June 2026 >> 

For the index simulation, including the liquidity criterion - May, 2026 >> 

For the index simulation, including the liquidity criterion - April 2026 >>

Tel-Gov Universe

Tel-Gov universe is comprised of Dozens of government bonds and T-Bills series derived from All-Bond Universe.

Major Threshold Criteria

1. Issuer identity
   Israel government or Israel Ministry of Finance / government bonds and T-Bills series only.
2. Origin universe
   The bond or T-Bill is included in All-bond Universe

Updates schedule

Current year schedule in Indices & Universe Information web page

Universes and Indices constituents are updated once a month simultaneously.

Record Date
10th monthly

Announcement Date
5 trading days before Update Date

Update Date
One trading day before the last trading day of the month.

If the Update Date is not a trading day in Tel-Aviv, London Stock Exchange or New York Stock Exchange, the update date will be pushed back to the first date when trading take place in all of these three exchanges.

If the Update Date occurs in Pesach or Sukkot Intermediate days, the Update date will be pushed back to the last trading date before Pesach or Sukkot Intermediate days when trading take place in these three exchanges.