Israel Bonds meets $1.25b target for 2004

The Ministry of Finance has set a $1 billion target for Israel Bonds for 2005.

Development Corporation for Israel/State of Israel Bonds (Israel Bonds) has sold over $1.25 billion worth of bonds, the Ministry of Finance target for 2004, said an Israel Bonds spokesman in New York yesterday.

Most of the Israel Bonds were sold in the US, and the rest in other countries. Israel Bonds president and CEO Joshua Matza, who is based in New York, said Israel Bonds met its sales target ever year, but that in 2004 it had stressed expanding its circle of institutional buyers, especially countries, through pension funds and other investment instruments.

The Ministry of Finance has set a $1 billion target for Israel Bonds for 2005. Minister of Finance Benjamin Netanyahu will open the Israel Bonds sales season for the next fiscal year at the traditional formal dinner, to be held in late January in Florida.

Israel Bonds is continuing to cut staff and streamline in an effort to reduce its administrative costs. Since 2003, Israel Bonds has closed regional offices in several cities and states in the US, including Arizona, San Diego, San Francisco and Westchester County, New York, laying off scores of employees.

Published by Globes [online], Israel business news - www.globes.co.il - on December 23, 2004

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