Bond issuance reduced in March due to robust fiscal data

ISRAEL - In Brief 24 Feb 2022 by Jonathan Katz
The MoF reduced the weekly bond issuance to 1.0bn ILS in March from 1.15bn in February on the back of very positive fiscal data in January and expectations that the deficit will undershoot target. Bond redemptions will reach 3.1bn in March, close to the level of issuance of 4.0bn. Following the sharp spike in yields yesterday we see value at the long-end of the curve (10 year at 1.9%, similar to US!). Despite imminent tightening in the short run, the tightening cycle is expected to be relatively shallow with inflation moderating in 2023 and beyond.

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