Bi-Weekly Review: Trading on the Tel Aviv Stock Exchange (TASE) over the last two weeks was ended down in most of the leading shares indices
Further offerings in the share and convertible market and increased offerings in the bond market
TA-25
Corporate Bonds
The TA-25 index increased 0.3% over the last two weeks, bringing year-to-date increase to 9.2%.
There were ten corporate bond offerings by the business sector in the last two weeks amounting to US $560 million. The TA-100 largest offerings were by The TA-100 index decreased Union Bank and the 0.3% over the last two weeks, Phoenix insurance bringing year-to-date increase to company amounting to 7.5%. US $120 and US $95 million respectively. TA-Biomed Among the issuers were The TA-Biomed index decreased Ratio Finance, a special6.6% over the last two weeks, purpose company owned bringing year-to-date decrease to by the “Ratio” petroleum 28.8%. and gas partnership that raised US $100 million, and Kardan Vehicle that Dual Listed Company The Israel Corporation completed raised US $48 million in a public offering of the offer for sale of shares in the commercial paper. This is subsidiary Israel Chemicals and the first commercial paper listed them for trading on the NYSE in the US (Symbol: ICL) on offering since June 2008. Since the beginning of the September 24. year the business sector Currently there are 43 companies raised US $13 billion whose shares are listed also in through bond offerings, of the US, and 4 other companies which US $3.7 billion on whose shares are listed in the "TACT Institutional" Europe. system, after raising US $10 billion for the whole of Share and Convertible 2013.
Offering
In the last two weeks in the share market there were four public offerings and two rights issues amounting to US $72 million. Among the issuers were the hightech company Perion Network (dual-listed) that raised US $38 million in a convertible bond public offering in Israel, and the real estate company Alony Hetz that raised US $29 million in a public share offering.
Government Bonds The Ministry of Finance (MoF) made a public bond offering listed on the TASE amounting to US $0.2 billion.Since the beginning of the year the MoF raised US $11.9 billion in bond offerings on the TASE, after raising US $18.2 billion for the whole of 2013.
Composite State-of-theEconomy Index The Bank of Israel released figures indicating that the Composite State-of-theEconomy index was unchanged in August, for the second consecutive month. The deterioration in the development of the Index relative to previous months, in which the Index rose at a rate of 0.1%0.2% per month, reflects some of the economic repercussions of the security situation in Southern Israel.
Growth Forecast for 2014 The Bank of Israel lowered its growth forecast for the economy in 2014, among other things following the “Protective Edge” campaign, from 2.9% to 2.3%. The Central Bureau of Statistics also lowered its growth forecast for 2014 from 3.2% to 2%.