12 MONTH CERTIFICATE
4.25%
4.31%
First
Rate
Rates.
INTEREST
RATE
A.P.Y./
These are fixed rate
certificates of deposit
that are insured by
the Federal Deposit
Insurance Corporation
(FDIC). A minimum
opening deposit and
balance of $500.00
is required to obtain
the stated A.P.Y.
24 MONTH CERTIFICATE
5.00%
5.09%
INTEREST
RATE
A.P.Y./
Call 338-7700
352-7700
60 MONTH CERTIFICATE
5.25%
5.35%
BIG DEALS page 43
INTEREST
RATE
73, Israel was not viewed as
much of an economic success sto-
ry," Mr. Krueger observed. "It
wasn't viewed as a place to invest
in, and things were relatively dor-
mant."
In the mid-1970s, Mr. Krueger
handled the financing of the
Hadera Power Plant. Then, in
1987, the new era of Israel on
Wall Street was ushered in.
Mr. Krueger handled public of-
ferings for Elbit and Teva. As the
intifada took hold, it was defi-
nitely a challenge to rally inter-
est in Israeli securities — sales
were nearly exclusively retail at
first because there was little in-
terest from institutional in-
vestors.
Today, both the number of Is-
raeli companies going public in
New York and the size of the
companies has grown. All told,
Mr. Krueger has handled 17 of-
ferings of Israeli companies of $25
million or more.
recently warned the government
that it must carefully time-the
launching onto the capital mar-
kets of companies like El Al,
Bezek and Israel Chemicals in or-
der to maximize the returns.
Opportunities have already been
missed, he said, noting that El Al
should have been put on the block
several years ago when the value
of airlines was at an all-time high.
To the Israeli companies trad-
ed on the exchanges in New York,
Mr. Krueger sends a strong mes-
sage to keep their investors bet-
ter informed and up-to-date so
they are not surprised by price
fluctuations.
While these developments may
be of concern to Mr. Krueger in
his role at Lehman Brothers, it
actually works in favor of a pri-
vate placement group like Re-
naissance, which offers
companies an alternative source
of capital to the stock markets.
"People who were going public
One lesson Mr. Krueger
learned early was that he couldn't
count on big Jewish philan-
thropists as ready customers for
Israeli stocks.
"There has definitely been a
mindset among many that Israel
is a place to give money to," he
said.
Although he refuses to name
names, Mr. Krueger says the for-
mation of Renaissance changes
that perception because it in-
cludes Jewish investors who, un-
til now, have seen Israel strictly
as a recipient of philanthropy.
The prospect of peace between
Israel and its neighbors seems to
have changed their minds, and
the minds of other investors. The
targeted amount for the Renais-
sance Fund had been $100 mil-
lion, but the organizers got
together $157 million.
The idea for forming Renais-
sance evolved at a lunch with
Jonathan
Kolber, who has been presi-
dent and chief executive officer of
Claridge Israel since 1989 and
also serves as chairman of the
board of directors of Renaissance.
Business and government
leaders have long consulted with
Mr. Krueger.
He doesn't mince his words. He
at a crazy price are willing to talk
to us," Mr. Krueger said.
"We believe that as the stock
market is becoming sober, we can
buy things at reasonable prices,"
Mr. Kolber said.
Mr. Krueger believes Israeli
stocks will stabilize. Despite the
current gyrations, "it is our ex-
perience that people understand
that Israel, in the long run, is a
good place to invest in," Mr.
Krueger said. "You can make
money there." ❑
FIRST SECURITY
A.P.Y./ *
- SAVINGS BANk
"First in Service" .
Main Office
2600 Telegraph Rd.
Bloomfield Hills. MI 48302
Annual percentage yield when compounded quarterly. Rate is accurate as of 7/29/94.
Penalty for early withdrawal from certificate accounts may be assessed.
EQUAL HOUSING
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