US mega-banks financed billions worth of Israel bonds amid war: Report
American mega-banks have underwritten billions of dollars in Israel bonds, including a substantial amount of $8 billion in March this year, despite US colleges and university campuses witnessing massive pro-Palestinian protests.
The Tel Aviv regime received $8 billion in bond underwriting from four major banks situated on Wall Street, the financial news website Wall Street On Parade reported.
The banks involved in this underwriting are BNP Paribas, Bank of America, Deutsche Bank, and Goldman Sachs. Additionally, Citigroup's Citibank serves as the fiscal agent, paying agent, transfer agent, and registrar for these bonds.
The banks' move came amid the ongoing pro-Palestinian protests and encampments at educational institutions throughout the US, which have rocked the country and escalated into violent crackdowns against demonstrating students.
Wall Street banks are not the sole providers of funding to Israel, as per a recent US Securities and Exchange Commission (SEC) filing by Israel, the US has committed to providing financial support as well.
“Israel receives military assistance from the United States and has received economic assistance from the United States averaging approximately $3 billion per year since 1987, including by way of loan guarantees,” the filing read at sec.gov.
“In 2016, the United States and Israel reached an agreement on a package of at least $38 billion in US military aid over the course of 10 years ($3.8 billion per year).”
In 2012, the US and Israel signed a deal to create a fresh structure for managing its loan guarantee program, granting Israel the potential to receive around $3.8 billion in upcoming loan guarantees from the original $9 billion pledge, the SEC said.
Furthermore in January 2023, the US decided to extend the program until September 2028, with the goal of providing support to Israel's comprehensive economic program and fostering an environment conducive to long-term, robust growth, it said.
The website also reveals that Israel has its own broker-dealer in the US, known as the Development Corporation for Israel or Israel Bonds, which supplements bond underwriting by mega-banks on Wall Street.
The corporation also operates in Germany, England, Canada, and other countries. Global sales of Israel Bonds have surpassed $1 billion annually for the last four years, as stated on its website.
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