The company is engaged in issuing bonds and depositing the proceeds with Harel Investments.
Harel Issuances remains an extremely thin issuer, so the real 2025 story is not the NIS 2.5 million of pre-tax profit but Harel Insurance's ability to keep using it as a funding and capital arm after the February 2026 rating upgrade.
Harel Issuances is close to a pure funding wrapper: in 2025 almost all income and expense lines offset each other, and the NIS 2.487 million of pre-tax profit effectively came from a reversal of expected credit-loss provisioning rather than from a retained business spread.
Series 21 is not just another long bond at Harel Issuances. It is a hybrid capital layer that absorbs losses and still has to be read differently from plain debt even after the February 2026 rating upgrade.
