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The Israel Corporation (TASE:ILCO) today distributed NIS 46 million ($10 million) A series bonds to institutional investors, TheMarker has learned. The sale will be conducted by wholly-owned subsidiary ISE Consulting Directing.

ISE has so far sold 29 million bonds for an estimated NIS 26.8 million.

ISE was until now in possession of 181.9 million A series convertible bonds, allocated to it by Israel Corporation in June 2001. The bonds are linked to the April 2001 CPI, and carry annual interest of 2.5%. They are redeemable in five equal annual payments on June 5 of every year between 2005 and 2009.

The Israel Corporation is not the first company in the last few weeks to have raised millions of shekels in convertible bonds of its subsidiaries. ICL Finance and Issues, a subsidiary of the Jerusalem Economic Corporation (TASE:ECJM) sold NIS 70 million worth of its parent company's B series bonds, and a subsidiary of Alony Hetz Properties & Investments sold NIS 10 million B series convertible bonds.

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