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Regulator intervenes in bond market for 1st time By Tal Levy Tags: Antebi, Israel News For the first time since the global financial crisis erupted, Israel's regulator is intervening in the capital market, by sparing pension funds the need to report the dropping value of their bond holdings. Antebi's move sent corporate bond prices bouncing skyward yesterday, after weeks of cringing in the doghouse. Yadin Antebi, the commissioner of capital markets, insurance and savings at the Finance Ministry, has issued a directive allowing provident funds, pension funds and insurance companies (in respect to profit-sharing policies) to present corporate bonds in their books according to their cost of purchase, instead of their market value. With corporate bonds plunging by the day, Antebi's directive spares the funds from presenting scary losses, which is still the situation they're in, even after yesterday's gains. Advertisement Until now, when a pension fund or other long-term savings vehicle has bought a bond, it has had to record it in its books according to fair value, meaning - its price in the market. If it bought the bond for NIS 10, but can't get more than NIS 1 for it today, it has had to present it as being worth NIS 1. But, under Antebi's temporary relief, if the institutional investor will in any case be holding the bond until maturity, it is spared the need to present the drop in value. Booking the bonds according to their purchase price will spare the institutionals the need to admit to poor returns. At the same time, however, Antebi clapped a restriction on his relief: The directive may be applied to no more than 3% of the assets held by each fund. At present, Israel's institutional investors manage about half a trillion shekels worth of assets in long-term savings vehicles. Under Antebi's new rule, some NIS 15 billion may wind up being booked under this temporary arrangement. Bookmark to del.icio.us   Never walk alone It's safe to assume that Obama won't abandon Israel. Apprehensive in Israel Rightist MK Aryeh Eldad warns 'Israel should be wary of Barack Obama'

Read & React Bradley Burston: For Republicans, 2 words of advice and comfort Responses: 244 Barack Obama: Change has come to America Responses: 139 Hamas vows to maintain truce, as 35 Qassams hit Negev Responses: 340 Editorial: U.S. election is example of democracy at its best Responses: 122 Arab commentators want to be able to admire America again Responses: 82 More Headlines 01:43 Gaza gunman killed in IAF strike on Qassam squad 01:47 Obama kick-starts transition, picks Rahm Emanuel as chief of staff 01:53 Rightist MK: Israel should be wary of Barack Obama 20:10 Iran: Obama's victory proves 'failure of Bush's policies' 21:56 ANALYSIS / It's safe to assume that Obama won't abandon Israel 00:13 Close to end of term, Rice embarks on Mideast peacemaking trip 21:54 Openly gay Jewish candidate makes history with Colorado win 21:57 Arab commentators want to be able to admire America again 14:56 ANALYSIS / Israel's dilemma: Obama vs. Qassams 15:02 Barack Obama wins 77 percent of Jewish vote, exit polls show 19:21 Golan residents launch PR offensive as Syria talks loom 15:49 Police trying to disperse East Jerusalem rioters in house demolition row Previous Editions Select Day 05 nov 04 nov 03 nov 02 nov 31 oct 30 oct 29 oct 28 oct 27 oct 26 oct 24 oct 23 oct

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