Iran High-speed rails on Debt Market track!
– Treasury Department of Iranian government announced the issuance of Sukuk Musharaka (on Iran Debt Market) worth IRR 2,000 bn (cUSD 42.03 mn) capitalizing the fast tracks (high-speed train) between Tehran, Qom and Isfahan provinces. These securities will be issued with a nominal yield of 20%, a maturity of 4 years and semi-annual coupon payments. The below table shows the latest status of Iranian debt market as of March 28, 2018.
– The below chart demonstrates the growth of Iranian Economy over a 9 months period from April 07, 2017 to December 21, 2018. As can be seen, the services sector showed the biggest rise while Agriculture figure hovers around only 1%.
Market Looks ahead to the new year!
In the Market
With only one business day to go, the TEDPIX and the IFEX are up 0.25% and 1.02%, respectively. After the recent sale pressure on the market and with the prices hitting their bottom, Iranian equities showed a bit of mercy to market participants finally.
Almost all the major sectors traded above yesterday’s closing levels, except for Metals (-0.04%). Blue-chip names in Banking (+1.42%) like Saderat Bank (BSDR1, + 4.86%, IRR 561) and Mellat Bank (BMLT1,+2.25%, IRR 1,001) outperformed on today’s session and made the overall index to stay in deep green for the second e]consecutive days. The big name in Metals sector. Isfahan Mubaraka Steel (FOLD1, -0.60%, IRR 2,829) showed relative weakness mostly due to global concerns about metals and related products prices.
In the debt market, Treasuries closed the day on a higher note, sending yields lower across the curve. After a new gigantic wave of corporate Sukuks and Government risk-free issues, the chain of capitalization for Iranian businesses and corporations is now completed for the year with yields hovering around +20%.
Traditionally “in the holiday” market is calm with limited, yet positive, fluctuations.
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