Lombard loans in Israel.
Private credit against Israel-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Israel-listed shares is credit secured by a pledge of equity listed on the TASE. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment.
- Lombard loans are arranged against shares listed on the TASE (TASE).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in ILS or cross-currency.
- Structured under the ISA regime, with disclosure from 5%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Israel venue: Tel Aviv Stock Exchange (TASE). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Israel are regulated by Israel Securities Authority (ISA). Substantial-shareholding disclosure is triggered from 5%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in ILS or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | Tel Aviv Stock Exchange (TASE) |
|---|---|
| Regulator | Israel Securities Authority (ISA) |
| Currency | ILS (cross-currency available) |
| Disclosure threshold | From 5% substantial-holding disclosure |
| Principal indices | TA-35, TA-125, TA SME 60 |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
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Disclosure and regulation
Israeli securities law sets substantial-holdings disclosure at 5%, with interested-party rules that engage at lower thresholds for those close to the company — a feature a founder or officer weighs before pledging. The distinctive structuring point is dual listing: many of the larger Israeli technology and biotechnology names trade both in Tel Aviv and in the United States, so a pledge over such a line is arranged with both disclosure frameworks in mind. A Lombard credit over a TASE-listed position keeps the client’s reported holding, and its interested-party status, undisturbed by the security.
An illustrative example
Consider a private client holding ILS 180 million in a large-cap TASE-listed position. At an illustrative loan-to-value of 50% — within the disclosed 20–65% range — a Lombard loan releases roughly ILS 90 million while the shares stay pledged and the client keeps ownership, dividends, and the upside. Where the line is also US-listed, funding can be taken in ILS or in USD on a cross-currency basis. The figures are round and illustrative, chosen to show how the facility works rather than to quote any terms.
Illustrative only — not an offer, a quotation, or a commitment to lend.