Israel Bonds raises $900m in 2003

The increased foreign capital raising was one of the main reasons for the shekel appreciation.

State of Israel bonds (Israel Bonds) has raised over $900 million with its Independence and Development bond series since the beginning of the year, out of a total of $1.25 billion raised in 2003. Israel Bonds president and CEO Joshua Matza quoted the figures in advance of a visit to Israel by an Israel Bonds task force next week.

The increased raising of foreign currency by Israel Bonds is one of the main reasons for the sharp shekel appreciation against the dollar.

Matza said that Israel Bonds had recently won special appreciation from Prime Minister Ariel Sharon and Minister of Finance Benjamin Netanyahu, who regard the organization as a reliable source of capital, and a key element in the new economic plan.

Matza added that the new State of Israel bond series issued at the end of last week, which raised $700 million, was an integral part of Israel Bonds’ planned capital raising in the coming years.

Matza also described the bond sales to key economic concerns as heavy. Bond purchasers included institutions, such as the New York-based Guardian Life Insurance company, which bought $20 million worth of bonds, and Aon Risk Services of Chicago, which bought $5 million.

Bond purchasers also included the states of New Jersey ($20 million), South Carolina ($10 million), and Pennsylvania ($4.5 million), as well as large economic concerns, such as communications giant IDT Corp. (NYSE: IDT), which bought $6 million.

Published by Globes [online] - - on June 16, 2003

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