President Isaac Herzog holds sole authority over clemency requests in Israel, and Netanyahu’s November 2025 application remains under review without a decision. Recent testimony by former Attorney General Avichai Mandelblit, highlighting investigative steps taken without his approval, prompted Knesset Speaker Amir Ohana and other coalition figures to renew public calls for a pardon on procedural grounds. Herzog has previously signaled reluctance absent an admission of guilt or plea arrangement, while the Justice Ministry’s Pardons Department has flagged the request as unprecedented for an active trial. Traders price a low probability of approval by year-end, reflecting institutional norms favoring completed proceedings and Herzog’s track record of deferring on high-profile political cases. The accelerated trial schedule through late 2026 offers limited windows for resolution before any potential deadline.