Foreign debt issues will take some pressure off domestic yields

ISRAEL - Report 06 Apr 2020 by Jonathan Katz

The spread of the coronavirus in Israel appears to be slowing in recent days. The MoF announced a fairly modest fiscal stimulus scheme with actual expenditure growth of 2.5% GDP. We think the fiscal deficit will reach 8% GDP this year; financing this deficit will be facilitated by issuance abroad and usage of excess bond issuance from previous years. We expect a policy rate cut today to 0.1%.

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