(WNY News Now) – New York State Comptroller Thomas P. DiNapoli has announced that the New York State Common Retirement Fund has acquired an additional $20 million in Israel bonds, increasing its total investment to $267.8 million.
Albany – New York State Comptroller Thomas P. DiNapoli revealed today that the New York State Common Retirement Fund has expanded its holdings of Israel bonds by $20 million. The investment brings the state pension fund’s total stake in Israel bonds to $267.8 million.
DiNapoli explained, “New York state’s pension fund buys Israel bonds because we have confidence in the spirit of innovation and tenacity of the Israeli people and in the strength of our investments there. In addition to providing a steady return for our pension fund’s members, Israel bonds help support one of our nation’s strongest allies. I am heartened that so many other public funds have stepped forward to purchase bonds and support Israel, the only democratic government in the region, during these tragic and challenging days.”
New York joins several other U.S. states, including Pennsylvania, Florida, Illinois, Texas, Ohio, in purchasing $150 million worth of Israel bonds recently.
Israel Bonds President and CEO Dani Naveh praised this support, saying, “At a time when Israel is under attack, these investments represent the most powerful and direct way to stand with the State of Israel and its people.”
Over the years, Israel Bonds have provided an attractive yield for New York state’s pension fund. The bonds have a 10-year maturity with a coupon of 5.96%, offering a spread of +138 basis points compared to the 10-Year Treasury at the time of purchase.
The state pension fund has been investing in Israel Bonds since the 1990s, and as of October 2023, its total investment stands at approximately $267.8 million. Israel Bonds are backed by the full faith and credit of the state of Israel.
Howard L. Goldstein, US and International chairman of the board of directors for State of Israel Bonds, conveyed a message of solidarity, saying, “The message from the people of New York to the people of Israel is that you are remarkable-resilient and so strong. Continue to stand strong, and you will never stand alone, and we will always be standing with you.”
The state’s pension fund has total investments in Israel of approximately $1.5 billion across various asset classes.
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