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Graphs & Data
Business sector debt increased by 0.2 percent, to around NIS 781 billion, in January. Household debt increased by about NIS 0.6 billion (0.1 percent) to around NIS 411 billion at the end of the month.
The business sector’s outstanding debt
- The total outstanding debt of the business sector increased by NIS 1.5 billion (0.2 percent) to around NIS 781 billion in January. The increase derived partly from net debt raised of about NIS 0.5 billion—about NIS 1 billion raised via bond issues and nonbank loans were partly offset by bank loans repaid.
- In February, the business sector (excluding banks and insurance companies) issued about NIS 5.1 billion in bonds, most of which were nontradable bonds. Of that, about NIS 2.8 billion was issued by a communications company.
Household debt
- Households’ outstanding debt increased by about NIS 0.6 billion (0.1 percent) to about NIS 411 billion in January. The increase derived from about NIS 1.6 billion in debt raised, about half of which was housing debt, and which was partially offset by the impact of the decline in the CPI. The balance of housing debt, which is included in total household debt, increased by about NIS 0.7 billion (0.3 percent), to around NIS 289 billion at the end of January.
- In February, there were about NIS 4.3 billion in new mortgages taken out, greater than the figure for January, but the same as the monthly average for 2013.
The cost of the debt
- In January, the yield spread in the unindexed track was unchanged from the previous month.
- In the CPI-indexed track, the spread between the interest rate on new bank credit granted and the interest rate on deposits declined in January by about 0.06 percentage points, due to a decline in the interest rate on credit and an increase in interest on deposits.
- At the end of January, the spread between the yield on indexed corporate bonds—measured by the Tel Bond 60 Index—and average yields on indexed government bonds was 1.29 percentage points, greater by around 0.07 percentage points than the spread at the end of December. In the past year, the spread has narrowed by abound 0.2 percentage points.
- In February, the average interest rate on new unindexed mortgages declined by around 0.01 percentage points, continuing declines of recent months. The interest rate on new CPI-indexed mortgages increased by around 0.01 percentage points.
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