29/08/2019

Auction for sale of makam
Offering Circular

Type of auction Discriminatory auction for effective yield to maturity
Auction date—latest date for submission of bids 03/09/2019
Latest time for submission of bids 12:30
Publication (expected) of results No earlier than 30 minutes after the closing of the auction
Payment date 04/09/2019
Maximum yield 1 Determined, but not published
   
Bank of Israel series number 910
Stock exchange security number 08200917
Maturity date 02/09/2020
Days to maturity 364
Amount offered in auction
(NIS million, face value)
9000
Amount offered at average weighted yield 2 (NIS million, face value) 3
   
Bank of Israel series number 310
Stock exchange security number 08200313
Maturity date 04/03/2020
Days to maturity 182
Amount offered in auction
(NIS million, face value)
1000
Amount offered at average weighted yield 2 (NIS million, face value) 3
   
Bank of Israel series number 1219
Stock exchange security number 08191215
Maturity date 04/12/2019
Days to maturity 91
Amount offered in auction
(NIS million, face value)
2000
Amount offered at average weighted yield 2 (NIS million, face value) 3

1 All yield bids submitted in the auction that are higher than the maximum yield set (even if not published) will not be acknowledged and will not be taken into account in the allocation of the quantities and in determining the yield in the auction. Hence, it may be that the Bank of Israel will not sell the full quantity offered.

2 The average weighted yield of successful bids in the discriminatory auction. If the total quantity in the bids for the amount offered in this category is smaller than the amount offered in this category, the difference will be added to the total amount offered in the discriminatory auction. Allocation of quantities and determination of the yields in the discriminatory auction will be implemented on the basis of the revised total quantity including the quantity added as specified herein.

The purchase of makam in accordance with the terms in this circular is subject to the terms and conditions detailed in the agreement between the BOI and every clearing house member participating in the auction, and in the appendices to said agreement, including the General Terms and Conditions document (herein, “General Terms and Conditions”).

The meaning of all terms in this circular are as defined in the General Terms and Conditions.

In any case of a contradiction between the provisions of this document and those of the General Terms and Conditions, the provisions of the General Terms and Conditions shall apply.

Andrew Abir
Director, Market Operations Department