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.

…

“Human rights organisations, international legal experts and UN officials – including Francesca Albanese – have been clear that providing financing to Israel inevitably means contributing to gross human rights abuses and war crimes.”