Lombard loans on the TASE.
Private credit against Tel Aviv Stock Exchange-listed shares — pledged, not sold.
A Lombard loan against TASE-listed shares is credit secured by a pledge of equity listed on the Tel Aviv Stock Exchange. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Tel Aviv Stock Exchange (TASE), Tel Aviv.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in ILS or cross-currency.
- Structured under ISA, with disclosure from 5%.
The venue
The principal Israeli equities venue, with a substantial overlap with US-listed dual-listed Israeli technology and biotechnology issuers. The dual-listing regime materially affects structuring for technology positions.
Regulator and disclosure
The Tel Aviv Stock Exchange operates under Israel Securities Authority (ISA). Securities Law: substantial-holdings notifications required at 5%; interested-party rules engage at lower thresholds. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against TASE-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in ILS or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Tel Aviv Stock Exchange (TASE) |
|---|---|
| City · Country | Tel Aviv · Israel |
| Regulator | Israel Securities Authority (ISA) |
| Disclosure | From 5% |
| Principal indices | TA-35, TA-125, TA SME 60 |
| Segments | Main Market; TASE UP (smaller issuers); dual-listing arrangements |
| Currency · Tenor | ILS · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the TASE?
Request terms →See also the country overview: Lombard loans in Israel.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
The Tel Aviv Stock Exchange is benchmarked by the TA-35, the TA-125, and the TA SME 60, with the larger technology and biotechnology names carrying much of the index weight and the day-to-day liquidity. A distinctive feature is the overlap with US-listed Israeli issuers: many of the larger names trade in both markets, so on-venue depth in Tel Aviv is only part of the liquidity available on a given line. Smaller issuers sit on TASE UP and are read more selectively. Single-name volatility, common in technology, tends to be the main variable when a Lombard loan is sized.
Structuring notes
Dual listing is the defining structuring feature on TASE: because many of the larger technology and biotechnology names trade both in Tel Aviv and in the United States, a pledge can be arranged against either the local or the US line, giving the client optionality over custody and funding currency. Settlement runs through the Israeli infrastructure, with the pledged shares held by a qualified custodian. The Lombard credit is documented with the 5% substantial-holdings rule, and the lower interested-party thresholds for insiders, both in view, and can be funded in ILS or in USD on a cross-currency basis.