Business in Brief

Dollar Hits Three-year Low Against the Shekel

U.S. hotels company Windsor Capital raises 370m on TASE ■ TASE closes with minor losses despite Wall Street gains ■

Mixed denomination Shekel currency banknotes sit on display in this arranged photograph at Israel's central bank in Jerusalem, Israel, on Monday, Aug. 19, 2013.
Ariel Jerozolimski, Bloomberg

Dollar hits three-year low against the shekel

The dollar dropped to a three-year low against the shekel in trading on Wednesday afternoon, settling at 3.504 shekels to the dollar, a rate last seen in August 2014.

The drop came shortly after the representative rate of 3.521 shekels to the dollar was set for the day at 3:30 P.M. So far the dollar has weakened by 1.2% since the beginning of June, and 8.5% since the beginning of the year. The weakening of the dollar against the shekel comes as the dollar loses ground against global currencies, including the euro.

The euro’s representative rate was set at 1.1% higher against the shekel in trading on Wednesday, but then the European currency weakened by 0.5% in later afternoon trading, closing at 3.983 shekels to the euro. (Uri Tomer)

U.S. hotels company Windsor Capital raises 370m on TASE

U.S. hotel management company Windsor Capital Group completed the institutional stage of its sale of two new bond series on the Tel Aviv Stock Exchange.

The larger bond series, which lists hotels as collateral, brought in 280 million shekels at an annual interest rate of 6%. The second bond series, which does not list collateral, raised 90 million shekels at annual interest rates of 8%. The series were rated BBB+ and BBB by rating agency S&P Ma’alot, respectively. In total, WCG raised 370 million shekels from Israeli institutional investors. The company intends to raise another 55 million shekels from the public on Thursday.

The bond placement is being led by Leumi Partners underwriters and One Ha’am Capital. The successful bond sale comes despite negative sentiment among Israeli traders regarding other foreign companies whose bonds are locally traded. (Michael Rochvarger)

TASE closes with minor losses despite Wall Street gains

The Tel Aviv Stock Exchange finished Wednesday’s trading session with minor losses on the leading indexes, even as Wall Street kicked off its trading session with gains just before Tel Aviv trading ended. The blue-chip Tel Aviv 35 Index lost 0.2% to close at 1,436 points, while the broader Tel Aviv 125 Index dropped by 0.2% as well to close at 1,290 points.

The different sectors were mixed, with biomed shares dropping 1.8%, real estate shares dropping 0.7%, oil and gas shares gaining 1.3% and insurance and bank shares gaining 0.2% and 0.1%, respectively. Total turnover was 1,391 million shekels, which is about the average as of late. Notable shares included piping company Plasson, which gained 3% on high turnover of 20 million shekels. Communications network company Ceragon gained 4% after reporting a new order from a customer. (Uri Tomer)