At the height of Israel's military campaign in Gaza, one company became the single largest foreign financier of the Israeli state – holding more in Israeli government bonds than the US, the UK, France and every other country put together.
That company is Allianz, the German insurance and financial services giant, alongside its California-based bond management subsidiary PIMCO, the world's largest active bond manager.
Data shared with Middle East Eye by Profundo, an Amsterdam-based sustainability research firm, shows that by September 2025 the Allianz group had amassed approximately $2.67bn in Israeli government bonds across its various fund subsidiaries.
This represented 51.8 percent of all non-Israeli holdings captured in the dataset at that moment. Put simply: at its peak, Allianz-PIMCO held more Israeli war bonds than the rest of the world combined.
Governments issue bonds to raise money for public spending or to repay debts.
