Treasury
Credit Line
Jerusalem — Preparing for life af-
ter the U.S. loan guarantees, the
Treasury is planning to set up a
$20 billion European line of cred-
it and to raise $200 million in New
York, based on the country's re-
cent Standard & Poor BBB+ rat-
ing.
Treasury director-general
David Brodet and Accountant-
General Shai Talmon left for Lon-
don and New York to organize the
government's fund-raising pro-
gram in international capital mar-
kets for this year and for the years
to come.
While in London, the two will
choose a law firm that will follow
the process of setting up a $20 bil-
lion line of credit of European
Medium Term Notes (EMTN),
which will enable the government
in coming years to raise loans of
different maturities, denominat-
ed in various currencies, based on
need.
In New York, Mr. Brodet and
Mr. Talmon will choose under-
writers for the government's first
bond issue that is not backed by
U.S. guarantees. The $200 million
issue will test the market for gov-
ernment bonds based on the coun-
try's credit rating. The Treasury
wants to build a track record in
the coming two years, to have bet-
ter access to the international fi-
nancial markets after the
U.S.-backed loan funds dry up.
Loaded with Leather and
prestige package
Pfizer Opens
Israel Office
Gain Access to
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Jerusalem — Pfizer, the U.S.-
based healthcare firm, an-
nounced the opening of a new
science office.
The company plans to expand
clinical development of pharma-
ceuticals by signing research
partnership agreements with lo-
cal universities and medical cen-
ters.
Pfizer said the Tel Aviv office
is part of the firm's strategy to ex-
pand worldwide development of
major new drugs. The company's
research and development
pipeline is widely regarded to be
among the best in the global
pharmaceutical industry.
"We believe the combination of
the world-class medical research
conducted in Israel and our out-
standing late-stage candidates
make the opening of this clinical
science office a truly important
event," president of Pfizer Cen-
tral Research George Milne said.
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