– Reuters reports that IMF released its latest research on the global economy and of course Iran’s situation. According to news, IMF reduced Iran Economy growth rate to -1.5% for the year 2018 (previously was +4.4%!) and also predicted that Iran will face with an inflation rate of 29.6%. The unemployment rate would reach 12.8 as well which shows 1.1% growth.
– After the recent directive allowing Iran Central Bank to get involved with the nation’s FX market, now the cabinet members is to expand the scope of CBI activities even more to include not only FX policies but also monetary ones. Doing as such, the CBI has now granted 3 new instruments to balance the currency/monetary needs:
– Today 10% (equal to 15,645,000 shares) of Qom Atrin Thread Co., a producer of PES, PA and twisting filament yarn, went public on Iran Fara Bourse under the ticker of ANQZ as the 6th IPO this year. The maximum of 300 shares could be bought by each investor through book building method within the IRR 4,680 – IRR 4,914 range. The company exports 5% of its production and Turkey is its main destination.
– Continuing the administration policies with regards to the settlement of its liabilities by issuing Islamic Treasury Bills, two new issues of ITB have been listed on Iran Fara Bourse waiting in line to be offered publically. These issues published on June 10 and 14 by Islamic Republic Government and will be matured in 6 and 7 months respectively. The issue values of these new bills are IRR 33,500,000 mn (USD 757.92 mn) and IRR 35,000,000 mn (USD 833.3 mn) divided into securities with IRR 1,000,00 par.
– In a study carried out by Donya-e-Bourse which was participated by more than 30 analysts from credible financial institutions, the EPS of 57 listed tickers of Tehran Stock Exchange were analyzed. After the SEO directive to eliminate EPS projections on companies’ quarterly report, now the analysts themselves prepare such data in order for market participants to see realities better. The below table contains the projection for 8 most important sectors and their components.
– Tax organization of Iran ratified a bylaw lowering taxes for equity trades to only 0.1% on Iran Stock Market. Previously there was a0.5% tax imposed on trades upon the sale of securities, stocks and stock rights, which now has lowered to the minimum possible level in order to maximize the participation of involved parties.
– Iranian food industry is to utilize the capacity of Iran Capital Market covering its financing needs by issuing Islamic Corporate Sukuks. Tomorrow, Kourosh food industry co. (a private joint stock firm) will publish IRR 500 bn (USD 11.8 mn) worth of Murabaha Sukuks on Iran Fara Bourse. The securities are going to be mature in 2 years and have an annual yield of 16%. Mellat Investment Bank is the underwriter and book runner of these securities while Mellat Bank will act as the guarantor to this issue.
– Today a new piece of Islamic T-Bills was supposed to be offered on Iran Fara Bourse. Being the second issue of the new Islamic treasury bills IPO round on Iran Debt Market, the TB291 has a value of IRR 10,000 bn (USD 235.7 mn) and will be matured on Aug 14, 2019. The older issues with close maturity dates are TB181 and TB191 which has a YTM of 26.22% and 25.89% respectively. However, the new offer did not price at today’s session. The below table demonstrates issues with highest yields on the last trading session:
– Over the latest press conference held the other day, the head of Trade Promotion Organization of Iran delivered two important news which could massively weigh on the future of the Iranian export-import market and in general Iranian economy. The first was about granting the license to trade export customs declaration at a free market rate that can only be translated as creating an Iranian FX secondary market. The second was the fact that a new market has been established for non-oil based products in which the participants have no obligation to secure their FX need on NIMA platform at USD/IRR 42,000.
– Today, four(4) new issues of Islamic T-Bills worth IRR 43,000 bn (USD 1.02 bn) got listed on Iran Fara Bourse ready for their initial public offering any time now. These new debt securities have maturities between 5 to 24 months and the below table demonstrate their issue details: