Bi-Weekly Review: 1-12 September 2013

Bi-Weekly Review: 1 - 12 September 2013
Trading on the Tel-Aviv Stock Exchange (TASE) during the last two weeks was marked by a mixed trend in the leading TASE indices.
Three companies raised about US $0.6 billion in bond issues.
The TA-25 index increased 2.1% over the last two weeks, bringing year-to-date decrease to 1.5%.
The TA-100 index increased 1.2% over the last two weeks, bringing year-to-date increase to 4.3%.
Corporate Bonds Bank Mizrahi-Tefahot completed a public bond offering of US $0.4 billion. Two real estate firms completed bond offerings totaling US $0.2 billion.
Since the beginning of the year the business sector has raised US $7.3 billion debt capital through bond offerings. Real estate companies have stood out, raising 45% of this total.
Government Bonds
In the past two weeks the Ministry of Finance (MoF) floated US $0.6 billion government bonds in offerings on the local market.  From the beginning of 2013 the MoF raised US $13.2 billion in public bond offerings as opposed to US $21.3 billion in 2012.
11 new series of ETNs were issued over the past two weeks, 9 of which are leveraged ETNs with a monthly balance on the TA-25 and international stock indices, first issued since the change in the stock exchange regulations on the subject.
Foreign Investors
The Bank of Israel released figures this past week indicating that foreign investors acquired a net US $320 million in TASE-listed shares in July and a total net US $1.3 billion since the beginning of 2013. This follows total net purchases of US $410 in 2012.
In addition, foreign investors liquidated holdings in government bonds equaling US $310 million in July, bringing net total sales since the beginning of 2013 to US $340 million. Total net sales of MAKAM T-bills since the beginning of the year came to US $310 million.
Employment          The Central Bureau of Statistics published figures indicating that the unemployment rate for July came to 6.3% as opposed to 6.7% in June, which is also the average for the first six months of 2013.
Sector Indices
2 WEEK Period
YTD 2013
TA Bluetech-50
TA Banks
TA Real Estate-15
Foreign Exchange
2 WEEK Period
Facts & Figures
The Tel-Aviv Stock Exchange features in August 2013:
·   519 companies listing equities (Ex. ETNs).
·   490 index-tracking products.
·   34 series of government bonds.
·   75 Series of Institutional bonds.
·   613 series of corporate bonds.
·   1,245 mutual funds.
·   Market Cap. (US$ billions)
o    Equities - 175
o    Government bonds – 132
o    Corporate bonds - 85
About TASE
Established in September 1935, the Tel-Aviv Stock Exchange is Israel’s sole securities exchange, offering an increasingly sophisticated range of products to investors, including equity, corporate bonds, treasury bills and notes, index products and derivatives.
In recent years, TASE has enhanced its international presence, signing Memoranda of Understanding with the London Stock Exchange, NASDAQ, NYSE-Euronext the Shanghai Stock Exchange, and Toronto Stock Exchange.