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New York City Controller Reverses Decision on Israeli Bonds
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.
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What happened
- 01New York City's Controller will not reinvest in Israeli bonds, citing economic reasons.
- 02The decision has caused anger in the Jewish community and celebration among boycott supporters.
- 03Israeli bonds have faced credit rating downgrades from major agencies like Fitch, Moody's, and S&P.
- 04The yield on two and three-year Israeli bonds is currently over 5%, underperforming the pension system.
- 05Israel Bonds maintains that the securities remain strong and popular globally.
- 06New York City pension funds still hold over $285 million in Israeli companies.
Despite the downgrades, Israel Bonds asserts their continued strength and popularity, noting significant ongoing investments by pension funds in Israeli companies.
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