A new Sukuk Murabaha on IFB; this time for a private company!
– The Securities and Exchange Organization of Iran has granted its principal consent with regards to the issuance of a new corporate Sukuk Murabaha this time for a privately owned company. Padideh Gharn chemistry co. is to issue these securities with 16% coupon rate, to be paid quarterly, for its raw materials purchases. The issue size is IRR 500 bn (USD 11.94 mn) and will be matured in two years. Mellat bank will act as the guarantor to this securities.
– Analyses show that over a period of only 8 months cost of maritime transportation for Iran exports raised greatly. In a given case of Iron concentrate and during September 2018, marine shipments expenses hiked by +26%. Adding this to the global trend of maritime transport costs and it’s downward trajectory, it could be concluded that after JCPoA costs of exports for Iran jumped meteorically and this would go on for a while at least until November 20180 with the second round of sanctions kicking in. Below Images demonstrate the details:
– After an unreasonable hike in risk-free rates over the past months, now Iran Debt Market is more on track and rates are back to 20% band once again. The market average risk-free rate hovers around 23% but the yield curve is still ascending for far maturities. A possible jump in bank deposits rates is the main reason behind this trend. The below picture shows details on the latest status of Islamic Treasury Bills:
In the Market
Equities fell on today’s session, with chemical shares leading the retreat, as investors prepared for a good profit save just before the long holidays come, however, the price changes were limited and the market conditions got better throughout the end. TEDPIX changed a little for (-0.47%) and stood at 157,328.66. IFEX (+1.16), on the other hand, because of its mega-cap petrochemical ended the day in good green.
Today’s underperformance wan not board based and it got mostly affected by the upcoming long holidays. However, the trading value and volume remained near the other days’ range which was a good sign that showing the market will rebind on the next trading session.
Despite their early disappointing trend, tickers of the Metals (-1.47%) sector got more attention towards the ending bell. Agah analysts believe that after the current baseless advancement of some tiny-cap shares, the industry has a super potential for reaching its potentials. The below table is a comparison of some iron ores and steel producers who have solid fundamentals:
Finally, the heavy-weighted Chemicals (-2.35%) sector was not the lucky one today and except its small-caps components, the rest ended the day in the red. Persian Gulf Petrochemical (PKLJ, -2.06%) and its sister company, Pars Petrochemical (PARS, -2.16%) stamped massive negative impacts of –226.75 and –125.04 points respectively.
Disclaimer: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
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