NYSE Bonds To Begin Trading $1.5 Billion Israeli Sovereign Bond on Wed., Feb. 3
NYSE Welcomes H.E. Dr. Yuval Steinitz, Finance Minister of Israel, for NYSE Bonds Listing
NEW YORK , Feb. 2, 2010 – The New York Stock Exchange today welcomed His Excellency, Dr. Yuval Steinitz, Finance Minister of Israel , to launch an Israeli bond trading initiative, meet with NYSE Euronext executive management and close the market at the New York Stock Exchange.
Minister Steinitz visited the NYSE to celebrate the first listing of an Israeli sovereign bond on NYSE Bonds. The bond ($1.5 billion, 5.125%, due March 29, 2019) had so far been listed on the Luxemburg Stock Exchange. The bond will begin trading on Wednesday, Feb. 3, on NYSE Bonds under the bond ticker symbol “ISRAEL 19” in denominations of $75,000 and integral multiples of $1,000 above that amount.
"I am hopeful that this will be the beginning of an increasingly fruitful cooperation between American and Israeli business," Minister Steinitz said. "We believe this will also encourage more Israeli companies to come together with US and global investors on the NYSE."
“We are honored to welcome Minister Steinitz to the New York Stock Exchange,” said Larry Leibowitz, Group EVP & Head of U.S. Markets, NYSE Euronext. “NYSE Bonds is a growing market for NYSE Euronext and Israel is very much a part of our present and our future. We look forward to facilitating additional business from the region on our markets in the U.S. and Europe.”
The listing marks the first time an Israeli bond is listed on a regulated market in the United States .
NYSE Euronext markets currently are home to 13 listed issuers from Israel with a total global market capitalization of approximately $13.5 billion (as of Dec. 31, 2010).
Israel Sovereign Bond Program
In 1994, the Accountant General of the Ministry of Finance decided to establish and develop Israel 's presence in international capital markets by carrying out public offerings in global markets. This was made, partially, in order to create a substitute for loans guaranteed by the U.S. government.
Since 1995, the Ministry of Finance made 12 public offerings abroad in the Yankee, Euro, and Samurai markets, as well as in the global market. The size of these offerings has gradually increased, from a level of $200 million-$250 million between 1995 and 1998, up to $1.5 billion in 2009.
The Israeli government's capital-raising activities in global markets serve as a benchmark for Israeli companies' debt in the international markets and encourage Israeli firms to issue debt in those markets.
The NYSE Bonds trading platform provides a more efficient and transparent way to trade bonds. The platform incorporates the design of the current NYSE Arca all-electronic trading system. This system provides investors with the ability to readily obtain transparent pricing and trading information, enabling them to make better investment decisions. The system has also been expanded to include the bonds of all NYSE-listed companies and their subsidiaries without the companies having to list each bond issued.
NYSE Bonds operates the largest centralized bond market of any U.S. exchange or other self-regulatory organization. It offers investors a broad selection of bonds: corporate (including convertibles), agency and government bonds. The majority of NYSE bond volume is in corporate debt, with some 94% in straight, or non-convertible bonds, and 6% in convertible debt issues.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With more than 8,000 listed issues, NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent nearly 40 percent of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com.
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