Israel Bonds, the commonly known name of Development Corporation for Israel (DCI), is the U.S. underwriter of debt securities issued by the State of Israel. DCI is headquartered in New York City and is a broker-dealer and member of the Financial Industry Regulatory Authority (FINRA). Dani Naveh is president and CEO.
Bonds are sold in Canada through Canada-Israel Securities, Ltd.; in Europe through Development Company for Israel GmbH; and in the United Kingdom through Development Company for Israel, Ltd. Sales have increased steadily since the initial Independence Issue was offered in 1951, with total worldwide sales now exceeding $48 billion.
At first, investors in Israel bonds were largely members of the American Jewish community looking to support the fledgling state's economy. However, throughout subsequent years, private and institutional investors alike viewed Israel bonds as meaningful investments. Over 90 U.S. state and municipal pension and treasury funds have invested more than $3 billion in Israel bonds to date. Other investors in Israel bonds include corporations, insurance companies, associations, unions, banks, financial institutions, universities, foundations, non-profits and synagogues. Israel uses proceeds from the sale of the bonds for general purposes of the state.[1]