Arnold & Porter Advises Israel on $5 Billion Sovereign Bond Offering

Arnold & Porter recently represented the State of Israel in its $5 billion offering of sovereign bonds. The offering included sales of $2.5 billion of five-year bonds at 5.375%, or 120 basis points over comparable U.S. Treasury yields, and $2.5 billion of 10-year bonds at 5.625%, or 135 basis points over U.S. Treasury yields. Bank of America Merrill Lynch, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. acted as Joint Book-Running Managers.

The transaction was completed on February 19, 2025.

Arnold & Porter has a longstanding relationship with the State of Israel, having represented Israel in a variety of areas, including numerous financing transactions. As a recognized leader in representing sovereigns in their international financial affairs, the firm has more than 30 years of experience across a wide range of financial transactions for sovereigns from Africa, Asia, Europe, Latin America, and the Middle East.

The Arnold & Porter team was led by partner David Menchel and included partner Naomi Hartman and senior associate Valentina Garzon.