Surprisingly good fiscal news is positive for the bond market

ISRAEL - In Brief 10 Feb 2022 by Jonathan Katz
The fiscal deficit continues to move rapidly lower, reaching 3.3% GDP LTM in January from 4.5% in December 2021. The fiscal surplus reached 18.5bn ILS in January (in part seasonal). Tax revenues continue to expand rapidly, up 39% in January y/y! mostly due to a surge in revenues from corporate taxation. This is a very good print (we note the fiscal deficit target is 3.9% GDP 2022), and definitely good news for the bond market. A low fiscal deficit supports a low level of bond issuance.

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