Mahan Airlines Sukuks were sold on IFB today. The aviation giant decided to finance two airbuses by issuing Ijara securities with 21% nominal rate at par value of 1,000,000. The coupon payments will be quarterly and the maturity is in 4 years. The ask demand was 16 times higher than 2.1 mn issued papers and in an eye blink IRR 2,100 mn worth of securities were purchased.
“The idea of financing though capital markets is fast, easy and cheap” said Reza Namakshenas, the CEO of Mahan air.
In the Market
TSE index, TEDPIX, were down 303.62 points (-0.40%) this morning and stood on 76,387. Despite a moderate hike early session, most of the tickers remain red. There is absolutely no specific catalysts behind the fall according to the analysts. Altogether, the economic data released during the past week and the positive political news, kept the possibility of a summer hike, however the market begs to differ to this point.
The signals in Auto sector were mixed today. “Saipa” traded over 240 mn shares and closed at 1,281 IRR (+1.03%) to compensate a little for the catastrophic loss of yesterday. “Khodro on the other hand mustered moderate loss and closed at 3,594 IRR (-1.13%). Rumors behind USD 1 bn finance contract with Korea may tickled the giant’s trading trend. Other industry participants also were traded lower to prove that weakness in the sector fundamentals are only to blame for recent dizzy trend.
Banking went under a mild swing amid the old capital raising news. Analysts believes that it might be the actual catalyst to accelerate the sector’s profitability plans. Most of the trades were happened near support levels. With more than 15 mn shares traded, Mellat Bank placed the second, having the worst impact on TEDPIX. The trend was followed by Tejarat bank and the ticker closed at 1,054 IRR to stamp -18.23 point on the index.
Bandar Abbas oil refinery was the first to pull down on TSE. Although the trading volume was not high, however “Shebandar” had the worst impact on the index (-60.23 points). According to analysts, the lack of proper support from major shareholders is among reasons weaken the trades’ trend on a bear day like today. “Sehpna” on the other hand gained more than 2% and closed at 3,026 IRR to be the first with most positive impact.
It is safe to say the whole market saw below-average trading volume over the past 2 weeks and the reduced activity is bold. The trading week is going to be pretty quiet on the economic front, and only a handful of reports that cross the wires, might revive the investors’ sentiment.
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