Iran Social Security issues
the first equity backed Sukuk Ijarah!
– In an attempt to utilize the capacities of Iran’s Debt Market, Social Security Organization of Iran is to issue IRR 10,000 bn (cUSD 223.46 mn) worth of Sukuk Ijarah with a nominal rate of 20%, the maturity of 1 year and semi-annual coupon payments. The underlying asset is, for the first time, 7.89% of “PTAP1″ shares priced at IRR 1,266 per share. Bank Refah will act as the guarantor of this securities paying the principal and interest in case of default.