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Business Sector Debt July–August 2010
The business sector's outstanding debt remained unchanged
Ÿ The total outstanding debt of the business sector did not change in July and stood at NIS 746 billion. Net borrowing via bank debt and negotiable bonds of about NIS 4 billion was offset by the effect of the 2.5 percent appreciation of the shekel on the foreign exchange reserves.
Ÿ Since the beginning of 2010 the debt of the business sector increased by about NIS 9 billion (1.2 percent), mainly due to net new bank loans and borrowing by means of tradable debt on the Tel Aviv Stock Exchange (TASE).


Issues of bonds
Ÿ Business sector bond issuance in August totaled about NIS 1.7 billion, all of which was via negotiable bonds. Issues in August were lower than the monthly average of NIS 2.3 billion in the last twelve months.
Ÿ Since the beginning of 2010 the business sector has issued about NIS 15.5 billion of bonds, most of which were negotiable on the TASE.

The cost of the debt
Ÿ The margin between interest on credit and that on deposits in the unindexed sector widened slightly in July, as the average interest on unindexed credit increased a little.
Ÿ In July the spread between corporate bond yields (the Tel-Bond 60 index) and yields on indexed government bond contracted by 0.1 percentage points, and reached about 2 percentage points, similar to its level in May.