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Business sector debt declined by about 0.3 percent to around NIS 776 billion in January. Households' housing debt increased in January by about NIS 1.5 billion (0.6 percent), to about NIS 271 billion at the end of the month.
 
 
The business sector's outstanding debt

 

  • The total outstanding debt of the business sector declined in January by about NIS 2.6 billion (-0.3 percent), to about NIS 776 billion.
  • The decline derived primarily from net debt repayment—the repayment of loans from abroad and bank loans—of about NIS 5.3 billion, which were partially offset by the issue of tradable and non-tradable bonds totaling about NIS 2.6 billion.
  •  In February, the business sector (excluding banks and insurance companies) issued about NIS 2.3 billion of bonds, most of which were tradable bonds. Bond issuances since the beginning of the year totaled NIS 6.7 billion.


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Households' debt

  • Households' outstanding debt in January was NIS 386 billion. The balance of housing debt increased by about NIS 1.5 billion (0.6 percent), and at the end of January stood at NIS 271 billion.
  •  New mortgages taken out in February totaled about NIS 3.9 billion, a figure similar to January, but lower than the average for the last two months of 2012—NIS 4.4 billion.


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The cost of the debt

 

  • The spread between interest on non-indexed bank credit and interest on unindexed deposits narrowed by about 0.2 percentage points in January, due to a decline in the interest rate on unindexed credit that was larger than the decline in the interest rate on deposits, continuing the trend of the past few months, and in tandem with the lowering of the Bank of Israel interest rate.
  • The spread between interest on new indexed bank credit and interest on indexed deposits declined by 0.3 percentage points, due to the lowering of interest on credit.
  • There was a decline of 0.1 percentage points from the previous month in the spread between the yield on indexed corporate bonds—measured by the Tel-Bond 60 Index—and average yields on indexed government bonds, to 1.6 percentage points at the end of January. Since June 2012, the spread has declined by about 1.6 percentage points.
  • In February, the average interest rates on new unindexed mortgages and on new CPI-indexed mortgages remained unchanged.



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For links to Information and Data on the Bank of Israel website:
 

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