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  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2026-09-23</lastmod>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/israels-financial-institutions-series-part1</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/ace20162-3420-4b38-b297-16e73177249a/shai-pal-PXnkmvUi_Wo-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/a71fc858-cda7-4ef5-a546-2e6f3ba458b7/Screenshot+2026-09-23+at+11.42.33.png</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Figure 1. The reforms that built Israel’s institutional investors, 1983–2008. Sources: see list at end.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/48e5f6b9-af5b-4a28-acf8-af13e29da543/Screenshot+2026-09-23+at+11.46.23.png</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Figure 2. Share of Israel’s long-term savings managed by type of institution, 2003–2007. Long-term savings include with-profit life insurance, the new pension funds, provident funds, and training funds. Source: Bank of Israel, Annual Report 2007, Table 4.3.</image:caption>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/98c750a5-dcb5-45dc-98ba-c2dc617a85bf/Screenshot+2026-09-23+at+11.48.25.png</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Table 1. Who managed Israel’s long-term savings before and after the Bachar reform (share of total). Figures are the Bank of Israel’s estimates and are rounded, so they may not sum to group totals. At the end of 2007 the banks had agreed to sell nearly all of their remaining provident funds, but some transfers were not yet complete; the Bank of Israel expected the banks’ share to fall to zero. Source: Bank of Israel, Annual Report 2007, Table 4.3.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/25285db4-95bc-4d3b-966b-8ce08806fed6/Screenshot+2026-09-23+at+11.51.33.png</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Figure 3. Minimum mandatory pension contribution, employee and employer combined, including severance. The rate has been unchanged since January 2017. Sources: Mandatory Pension Extension Orders; Ministry of Labor; OECD.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/132b8039-949f-4839-ac03-577776fdf6fc/Screenshot+2026-09-23+at+11.54.43.png</image:loc>
      <image:title>Israel Investment Bulletin - From Payroll to Portfolios: How Israel’s Institutional Giants Were Built - Make it stand out</image:title>
      <image:caption>Figure 4. Holders of tradable Israeli government bonds held by the public, end of March 2026. “All other holders” is the remainder of the NIS 503 billion total. Source: Bank of Israel, The Public’s Financial Assets Portfolio, First Quarter of 2026.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/september-2026-rate-cut</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-04</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/88797817-4bd0-47e3-96d0-e688dbe1ba13/shai-pal-IMMheK3KLBU-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - Israel Cut Rates Again. What It Means Across the Market. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/e455681c-e381-425a-b377-1fa5ef3e45a1/Picture1interest.png</image:loc>
      <image:title>Israel Investment Bulletin - Israel Cut Rates Again. What It Means Across the Market. - Make it stand out</image:title>
      <image:caption>Figure 1. The benchmark rate has fallen 125 basis points across five cuts since November 2025.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/e823b314-de74-4f24-94a7-1672981daf3c/Picture2interest.png</image:loc>
      <image:title>Israel Investment Bulletin - Israel Cut Rates Again. What It Means Across the Market. - Make it stand out</image:title>
      <image:caption>Figure 2. Inflation fell below the 2% midpoint in January and has stayed there, giving the Bank room to ease.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/b494413c-808a-4ca2-8c6a-5e3bdfef526e/Picture3interest.png</image:loc>
      <image:title>Israel Investment Bulletin - Israel Cut Rates Again. What It Means Across the Market. - Make it stand out</image:title>
      <image:caption>Figure 3. The front of the curve falls with the Bank; the long end, set by global rates and Israel's fiscal path, barely moved. The cut pays you in short and intermediate bonds — long duration is a bet on the world.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/526fadc7-ff7f-4763-8105-553cd30f1ed9/Picture4interest.png</image:loc>
      <image:title>Israel Investment Bulletin - Israel Cut Rates Again. What It Means Across the Market. - Make it stand out</image:title>
      <image:caption>Figure 4. Beta to US core bonds has stayed near 0.3 for 15 years; correlation rose only in the post-COVID rates regime.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/august-2026-market-insights</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/66378db8-fb7a-4e14-8fca-ddf2749ad09e/sean-pollock-PhYq704ffdA-unsplash+%281%29.jpg</image:loc>
      <image:title>Israel Investment Bulletin - August 2026 Market Insights: Sectors Diverge, Bonds Steady - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/liquidity-index-reform</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-04</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/fd9ddb4a-04b7-47c9-8c9e-3a9cc7a61cdf/david-mclenachan-11kQ2vLtjE8-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - Are the New Tel-Bond Liquidity Rules a Step Toward a More Mature Market? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/july-2026-market-insights</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/4a20c19b-180f-4384-9775-2f5b77a653f1/abbe-sublett-nxZDMUQhN4o-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - July 2026 Market Insights: Equities Recover, Bonds Soften - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/reflection-bank-of-israel-mid-year-report-2026</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-03</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/64565077-f95d-4b9f-87f5-a02ebfeca567/reiseuhu-_UcCeSMgIrQ-unsplash+%281%29.jpg</image:loc>
      <image:title>Israel Investment Bulletin - From Geopolitics to the Yield Curve: What the Bank of Israel’s Midyear Report Tells Us - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/745abb89-11c6-4716-89b0-260804ecf251/onflation.png</image:loc>
      <image:title>Israel Investment Bulletin - From Geopolitics to the Yield Curve: What the Bank of Israel’s Midyear Report Tells Us - Make it stand out</image:title>
      <image:caption>Figure 1. Annual CPI, November 2025 to May–June 2026. Israeli inflation declined while US and eurozone inflation accelerated.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/e6f601dc-0130-4fd5-a052-77bfc1bbb4d6/table+.png</image:loc>
      <image:title>Israel Investment Bulletin - From Geopolitics to the Yield Curve: What the Bank of Israel’s Midyear Report Tells Us - Make it stand out</image:title>
      <image:caption>Figure 2. Bank of Israel Research Department staff forecasts, January vs. July 2026.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/695ec7c9-6f37-4ad8-9ef0-1875481605b4/jhow+reachedz.png</image:loc>
      <image:title>Israel Investment Bulletin - From Geopolitics to the Yield Curve: What the Bank of Israel’s Midyear Report Tells Us - Make it stand out</image:title>
      <image:caption>Figure 3. Transmission channels from geopolitical developments to the Israeli bond curve.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/d2099488-e119-4435-b6ee-e40810396651/yield+vurve.png</image:loc>
      <image:title>Israel Investment Bulletin - From Geopolitics to the Yield Curve: What the Bank of Israel’s Midyear Report Tells Us - Make it stand out</image:title>
      <image:caption>Figure 4. Stylized illustration. Policy cuts act on the front of the curve; issuance and term premium set the long end.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/israels-economic-history-part4</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/a54bbd9a-9cb2-4faf-bf2a-ebcc5905b680/robert-bye-1oDfOmXHpgQ-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - The Lost Decade: War, Debt, and the Collapse of 1983 - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/d74bca8f-b6fe-4231-b9dc-c403fbe0d3f9/lost-decade-table.jpg</image:loc>
      <image:title>Israel Investment Bulletin - The Lost Decade: War, Debt, and the Collapse of 1983 - Make it stand out</image:title>
      <image:caption>Figure 1: Economic pressures on the Israeli economy during the Lost Decade, 1973–1985.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/from-bachar-to-today</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-07-22</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/7e50d271-30a7-4321-abc7-a96dfbaca3f5/levi-meir-clancy-_YI1f0ZPTqI-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - From Bachar to Today: How the Shekel Became a Wall Street Trade - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/c3f29cbe-d0ee-4e59-966d-3e2975dc1919/Picture100.png</image:loc>
      <image:title>Israel Investment Bulletin - From Bachar to Today: How the Shekel Became a Wall Street Trade - Make it stand out</image:title>
      <image:caption>Figure 1. Correlation by structural regime — from near-zero before the institutional pool existed to high and persistent today.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/357c11c8-7af7-455f-a0e3-a07e410196dd/Picture122.png</image:loc>
      <image:title>Israel Investment Bulletin - From Bachar to Today: How the Shekel Became a Wall Street Trade - Make it stand out</image:title>
      <image:caption>Figure 2. The structural milestones that routed Israel’s savings into global equities — and the currency with them.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/a757d756-51c9-4657-9f70-8c9aaf679579/Picture1.png</image:loc>
      <image:title>Israel Investment Bulletin - From Bachar to Today: How the Shekel Became a Wall Street Trade - Make it stand out</image:title>
      <image:caption>Figure 1. Institutional portfolio breakdown: ~NIS 3.2 trillion managed, ~45% invested abroad, but only ~22% left exposed to foreign currency after hedging.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/e8faf731-2108-4dee-a490-6d55bf563e27/Picture3.png</image:loc>
      <image:title>Israel Investment Bulletin - From Bachar to Today: How the Shekel Became a Wall Street Trade - Make it stand out</image:title>
      <image:caption>Figure 3. The 12-month rolling correlation across structural regimes, September 1985 to May 2026. Near-zero and often negative before the institutional pool existed; high and sustained since about 2018, with a brief breakdown in late 2024 and early 2025.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/june-2026-market-insights</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-09-23</lastmod>
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      <image:title>Israel Investment Bulletin - June 2026 Market Insights: Equities Pull Back, Bonds Hold Steady - Make it stand out</image:title>
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  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/israels-economic-history-part-3</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-07-16</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/9d135043-bf2e-4d79-9346-e69f2df9df07/laura-siegal-_6d1KujNzug-unsplash+%281%29.jpg</image:loc>
      <image:title>Israel Investment Bulletin - Statehood and Austerity: Survival, Reparations, and the Roots of a National Market - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/whats-moving-the-shekel</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-07-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/fd114418-cdf3-47d6-ba89-384b19ebdc9a/laura-siegal-n8fU7yqXkdw-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - What's Actually Moving the Shekel - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/a757d756-51c9-4657-9f70-8c9aaf679579/Picture1.png</image:loc>
      <image:title>Israel Investment Bulletin - What's Actually Moving the Shekel - Make it stand out</image:title>
      <image:caption>Figure 1. Institutional portfolio breakdown: ~NIS 3.2 trillion managed, ~45% invested abroad, but only ~22% left exposed to foreign currency after hedging. The gap is the hedged portion — the source of the continuous dollar-selling pressure.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/2d5b671c-af55-420f-9e18-6d1782feb9c0/Picture2.png</image:loc>
      <image:title>Israel Investment Bulletin - What's Actually Moving the Shekel - Make it stand out</image:title>
      <image:caption>Figure 2. Correlation by structural regime — from near-zero before the institutional pool existed to high and persistent today.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/e8faf731-2108-4dee-a490-6d55bf563e27/Picture3.png</image:loc>
      <image:title>Israel Investment Bulletin - What's Actually Moving the Shekel - Make it stand out</image:title>
      <image:caption>Figure 3. The 12-month rolling correlation across structural regimes, September 1985 to May 2026. Near-zero and often negative before the institutional pool existed; high and sustained since about 2018, with a brief breakdown in late 2024 and early 2025.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/f38a30fa-19b4-42dd-9a6a-08d7ced505b6/Picture4.png</image:loc>
      <image:title>Israel Investment Bulletin - What's Actually Moving the Shekel - Make it stand out</image:title>
      <image:caption>Figure 4. The correlation within each major domestic shock; only the late-2024 risk-premium shock broke it, and only briefly.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/may-2026-market-insights</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-07-16</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/9581cd8d-8116-444d-a1bc-b619320c7304/phil-desforges-ow1mML1sOi0-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - May 2026 Market Insights: Shekel Strength and Easing Rates Drive Markets Higher - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/priced-from-the-outside</loc>
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    <priority>0.5</priority>
    <lastmod>2026-06-18</lastmod>
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      <image:title>Israel Investment Bulletin - Priced From the Outside - Make it stand out</image:title>
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  <url>
    <loc>https://www.kotelim.com/israelinvestmentbulletin/israel-bonds-index-exclusion</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2026-05-28</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/7e173e53-2dad-4582-9d7d-7a7153c846f8/jr-ross-11XKev651H0-unsplash.jpg</image:loc>
      <image:title>Israel Investment Bulletin - Why Israeli Corporate Bonds Are Excluded From the Global Indices — And What That Creates - Make it stand out</image:title>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/68b41bc8de6d1152c9fbe681/7ff60dd3-2cce-4df6-91bf-467332caeb45/Screenshot+2026-05-14+at+13.25.38.png</image:loc>
      <image:title>Israel Investment Bulletin - Why Israeli Corporate Bonds Are Excluded From the Global Indices — And What That Creates - Make it stand out</image:title>
      <image:caption>Source: Global Aggregate Corporate Index - Rules for Inclusion</image:caption>
    </image:image>
    <image:image>
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      <image:caption>BVAL Evaluated Pricing – BVAL</image:caption>
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      <image:caption>Source: Global Aggregate Corporate Index - Rules for Inclusion</image:caption>
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      <image:caption>* Foreign ownership of government and corporate bonds by market (approximate, year-end 2025).</image:caption>
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      <image:caption>Source: Bank of Israel; Federal Reserve</image:caption>
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