New York City Controller Reverses Decision on Israeli Bonds
Translated & summarized from Maariv by baba
New York City's Controller has decided against reinvesting in Israeli bonds due to economic factors, drawing criticism from the Jewish community and praise from boycott supporters. The decision follows credit rating downgrades for Israeli bonds amid regional conflicts. Despite the downgrades, Israel Bonds asserts their continued strength and popularity, noting significant ongoing investments by pension funds in Israeli companies.
The story in 6 lines · by baba
- New York City's Controller will not reinvest in Israeli bonds, citing economic reasons.
- The decision has caused anger in the Jewish community and celebration among boycott supporters.
- Israeli bonds have faced credit rating downgrades from major agencies like Fitch, Moody's, and S&P.
- The yield on two and three-year Israeli bonds is currently over 5%, underperforming the pension system.
- Israel Bonds maintains that the securities remain strong and popular globally.
- New York City pension funds still hold over $285 million in Israeli companies.
New York City's Controller has reversed his commitment to reinvesting in Israeli bonds, citing economic considerations. This decision has sparked anger within the Jewish community, while proponents of boycotts are celebrating the move. The Controller's office explained that Israeli bonds, once considered a stable investment, have seen their ratings downgraded by major agencies like Fitch, Moody's, and S&P. These downgrades occurred during conflicts in Gaza and Iran. Although some agencies have revised their outlook to 'stable,' the technical ratings remain lower than at the start of 2023. The yield on two and three-year Israeli bonds is currently just over 5%, lagging behind the pension system's performance. A spokesperson for Israel Bonds stated that the bonds remain strong and popular among global governments. The Controller himself noted that pension funds still hold over $285 million in investments in Israeli companies.
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