Skip to content

Palm Beach County, Florida Is Major Purchasers of Israel Bonds

According to an article in the May 28 Financial Times, “one of the largest investors in Israel’s bonds is not a hedge fund titan or a Wall Street trader, but an elected municipal comptroller investing the tax dollars of Palm Beach County. Joseph Abruzzo, the overseer of investments for Florida’s largest county, holds $700 million out of his $4.6 billion overall portfolio in so-called Israel bonds.”

Israel Bonds, the official underwriter for the debt, reports that since Oct. 7, 2023 it has sold over $3 billion in debt, three times the annual average. Florida, Indiana and Ohio are reportedly the states with the largest such purchases. In 2023, Israel Bonds accounted for about a quarter of Israel’s total external debt issuance, which is “helping buttress a wartime budget deficit,” FT notes.

“The investments by Palm Beach, as well as Miami-Dade, Broward and other Florida counties, were made possible by a 2008 state law that added Israel bonds to U.S. Treasuries, federal agency-backed debt, money market funds and other low-risk assets. No other foreign government bonds are allowed.”

This post is for paying subscribers only


Already have an account? Sign In