NYC Comptroller Reverses Decision on Israeli Bonds Amid Community Outcry
Translated & summarized from Maariv by baba
New York City Comptroller Zuhairah Madani has withdrawn a commitment to reinvest in Israeli bonds, citing economic reasons, which has angered the Jewish community. The decision follows credit rating downgrades for Israeli bonds due to regional conflicts. Despite the move, Israel Bonds asserts the securities remain strong, and pension funds continue to hold significant investments in Israeli companies.
The story in 6 lines · by baba
- NYC Comptroller Zuhairah Madani reversed a commitment to reinvest in Israeli bonds.
- The decision has caused anger in the Jewish community and celebration among boycott supporters.
- Madani's office cited credit rating downgrades for Israeli bonds following regional conflicts.
- Israeli bonds' current yield of just over 5% lags pension system performance.
- Israel Bonds stated the securities remain strong and popular globally.
- NYC pension funds still hold over $285 million in Israeli companies.
New York City Comptroller Zuhairah Madani has reversed a commitment to reinvest in Israeli bonds, citing economic considerations. This decision has sparked anger within the Jewish community, while proponents of the boycott are celebrating the move. Madani's office explained that Israeli bonds, previously seen as a stable investment, have faced credit rating downgrades from major agencies like Fitch, Moody's, and S&P due to conflicts in Gaza and Iran. Although some agencies have revised their outlooks 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 performance of the pension system. A spokesperson for Israel Bonds stated that the bonds remain strong and popular among global governments. Madani herself noted that pension funds still hold over $285 million in investments in Israeli companies.
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