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Israeli 10-Year Bonds Rally Most Among Developed Nations

Israel’s 10-year bonds rallied the most among developed nations after new debt issuance sapped demand and pushed prices to the lowest level in a month.

Yields on 4.25 percent notes due June 2023 fell seven basis points, or 0.7 percentage point, the biggest decline among similar-maturity sovereign debt of 23 developed nations tracked by Bloomberg, to 3.98 percent at the close in Tel Aviv.

Government bonds weakened earlier in the week, with yields on 2023 securities gaining 12 basis points Jan. 7 to 4.08 percent, the highest level since Dec. 5. The Finance Ministry sold 2.8 billion shekels ($740 million) in its first debt auction of the year that day. Israel Aerospace Industries accepted institutional commitments for 1.09 billion shekels of its series Gimmel bonds, also issued Jan. 7.

“The corporate and government issues of the past few days caused pressure on bond prices and a rise in yields,” Shuki Arditi, head of trading at Leader Capital Markets, said by phone in Tel Aviv. “Today, the pressure is off and yields are falling again.”

The Finance Ministry selected Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. as underwriters for a potential dollar-denominated bond offering in the U.S., it said today. Israel will find 14 billion shekels of savings by reducing spending rather than boosting taxes and may raise funds on international or domestic markets, Finance Minister Yuval Steinitz said in an interview at Bloomberg’s headquarters in New York yesterday.

The shekel weakened for a second day, declining 0.1 percent to 3.7793 per dollar by 11:07 a.m. in New York. One-year interest-rate swaps, an indicator of investor expectations for borrowing costs over the next 12 months, fell two basis points, or 0.02 percentage point, to 1.69 percent.

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