Corporate Sukuk Murabaha offers on Iran Fara Bourse!
– Today the initial offering of cUSD 24.1 bn worth Sukuk Murabaha for Kerman Motor Co. takes place on Iran Fara Bourse for three consecutive days. This securities are to provide working capital to the company and has a nominal yield of 17% with coupons to be paid quarterly with a maturity of 24 months. This is another piece of corporate debt securities on Iran capital market with settlement period of T+1.
– Bank Mellat is to issued cUSD 361.62 mn worth of certificate of deposit with an on-account rate of 16%. This securities will be offered to public from tomorrow, December 4, for 5 business days. The new CoDs will be matured in a year with monthly coupon payments. The redemption rate of Bank Mellat CoDs is to set to 14% before maturity.
– The International Banker Journal announced an Iranian bank listed on Iran Fara Bourse, Bank Ayandeh, as Iran’s bank of 2017. According the to banker, Bank Ayandeh with a capital of IRR 16,000 bn (cUSD 385 mn) outweighed its competitors in terms of Net Profit, ROA, ROE, NPLs and many other factor.
Hopes for Budget forecasts Keeps Losses In Check!
In the Market
Iran equities trimmed previous gains on today session, but the prospect of companies budget new financial year forecasts helped keep losses in check.
Both the TEDPIX and the IFEX slipped today by 0.38% and 0.27% respectively to make the correction phase assumptions more vivid. Analysts believed that now is the time for investors to realized some of their recent gains and restructure their portfolios.
Ticker is Metal sector (-0.81%) began the losses pretty quickly in the morning, however, as the focus returned to the Oil Products (-2.5%) the rest of downward rally carried out by big names in refineries. Bandar Abbas (PNBA1, -2.41%, IRR 6,899) and Isfahan (PNES1, -1.71%, IRR 4,098) Oil Refineries stamped the worst negative effect on the overall index by 57.43 and 57.16 negative points each. Almost all the shares followed the giants’ way made an all red day for the industry.
Following the downfalls of global commodity markets over the weekend, all the tickers in Iron Ores (-2.25%), from the micro caps to large blue chips, went down today. Gol-e-Gohar (GOLG1, -2.46%, IRR 2,897) was the leader of bloody day and solely record 54.9 negative points on the index with more than 11 mn traded shares.
Elsewhere, on the flip side, the not so much luck Auto (+1.12%) sector, ended the correction day in green. Most of the giants like Iran Khodro (IKCO1, +2.13, IRR 2,643) and Saipa (SIPA1, +0.89%, IRR 1,018) faced investors enthusiasm and lifted up the industry a bit for its past disappointing performance, however, it is not news that there is a long and bumpy road ahead for the industry to regain its previous position and be the market leader again.
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