Larger bond issuance is likely to be met with stronger BoI purchases

ISRAEL - Report 01 Jun 2020 by Jonathan Katz

The economy continues to open up, despite an increase in Covid infections in some schools. Credit card purchases in the second half of May reached 96% of the January-February level. Government bond issuance increased by 24% in June to 13bn ILS, indicating concern regarding a large fiscal deficit. We expect the current account surplus in Q120 to increase, supportive of shekel appreciation.

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