Israeli President Isaac Herzog holds sole authority to grant clemency in Prime Minister Benjamin Netanyahu’s ongoing corruption trial, which involves bribery, fraud, and breach of trust charges that Netanyahu denies. Netanyahu formally requested a pardon in November 2025, routing it through the Justice Ministry’s Pardons Department for review before reaching Herzog. Recent court testimony from former Attorney General Avichai Mandelblit has prompted political pressure, including an October 2026 letter from Knesset Speaker Amir Ohana urging clemency based on alleged investigative flaws, though the letter carries no legal weight. Herzog has consistently prioritized mediation toward a plea deal over a direct pardon, often citing the absence of an admission of guilt or resignation as key considerations. The process remains active but faces institutional and procedural hurdles, with trader consensus reflecting uncertainty over whether these dynamics will shift before the market’s resolution date.