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Companies have sold $14.6 billion worth of bonds so far this year
New York real-estate firms, including Extell and Zarasai Group, have issued bonds totaling $436 million on the Tel Aviv Stock Exchange.
In total, companies have sold $14.6 billion worth of bonds this year through November 20, up from $8.7 billion in the same period of 2013, according to Bloomberg News. That amount represents the largest wave of local debt issuance since 2007.
“Institutional investors and pension managers are thirsty for investment as money in the bank hardly yields anything,” Israel Shimonov, founding partner at Shimonov & Co. Advocates, told Bloomberg News. “The government does not issue enough bonds, and equity listings are limited.”
Gary Barnett’s Extell raised 1.05 billion shekels ($270 million) from the sale in June — the largest foreign debt sale this year, as The Real Deal reported. Brookland Capital, which has several development projects in Brooklyn, has also raised funds on the Tel Aviv Stock Exchange. [Bloomberg News] – Christopher Cameron