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The Central Securities Depository of Iran will clear 1.4 trillion rials (about $40 million at market exchange rate) of interest payments to bondholders in Farvardin (Iranian month started March 20), a CSDI executive said.
There are over 60 Islamic bonds or sukuk available for trade on Iranian securities exchanges, IRNA reported. "Fifteen of these bonds are due on interest payments, including nine corporate Ijara sukuk, five Musharaka sukuk from municipalities and companies, and one Murabaha bond," Shadrouz Khosravi added.
According to the CDSI executive, 10 companies will also pay dividends on their shares in Farvardin through CSDI. The Central Securities Depository of Iran is the registry entity and custodian for Iranian securities, which clears payments and transfers ownership of securities.

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Tehran Stock Exchange overall index staged a sharp rally at the very beginning, however, banking and auto sectors weighed on TEDPIX performance to dissipate early gains.


 Tehran Stock Exchange overall index staged a sharp rally at the very beginning, however, banking and auto sectors weighed on TEDPIX performance to dissipate early gains.

According to TSE data, TEDPIX wrapped up Saturday trade in the green and edges up 56.5 points or 0.07% to end at 81,536.9.

Stocks in Tehran rose in the first trading week of the new Iranian year (started March 20) on optimism about dissipation of ambiguities and economic growth. TEDPIX leaped 1.5% to notch a fresh 26-month high.

The first market index picked up 21.4 points or 0.07% to close at 31,011.1. The first market index declined 176.4 points or 0.3% to settle at 57,749.9. The second market index gained 1,408.9 points or 0.82% to stand at 174,195.9. The free float index retreated 239.4 points or 0.25% to level at 93,908.3. The industry index was up 117.6 points or 0.17% to reach 67,706.4. The TSE 30 index was down 9.9 points or 0.29% to close at 3,440.5 and the TSE 50 index perked up 2.4 points or 0.07% to end at 3,313.2.

TSE recorded transaction of almost 1.2 billion shares valued at $91.4 million. Auto manufacturers registered the highest daily trade volume among listed companies at TSE. Saipa Investment Company witnessed transaction of more than 236 million followed by Iran Khodro and Saipa Group with 90.76 and 77.11 million shares respectively.

Most of listed companies fell short to end Saturday trade in green territory. 49% of listed companies weighed on benchmark with Mobarakeh Steel Company on top of them. MSC with 78.19 points negative contribution surpassed market laggards. Saipa Group and Mobile Telecommunication Company of Iran with 61.86 and 36.33 points stood next in line.

Islamic Republic of Iran Shipping Lines outperformed and with 103.3 points crowned TEDPIX’s positive contributors. Persian Gulf Petrochemical Industries Company and Tamin Petroleum and Petrochemical Investment Company with 101.93 and 62.48 points took the second and third places respectively.

 

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Iran's Ministry of Finance has issued 5 trillion rials ($145 million at the free market exchange rate) of lease-based Islamic bonds, expanding the range of the government's funding tools and providing a much-needed pricing benchmark for corporate issuers.

The deal is the first time that Iran's government has issued sukuk using an ijara format, selling them through the country's over-the-counter securities market, known as Fara Bourse.

The four-year sukuk were listed on March 16 and pay a nominal rate of 18 percent, according to Fara Bourse data. The proceeds will be used to settle debts owed by the government to Ayandesaz Pension Fund and Mahan Air, according to Novin Investment Bank, which arranged the transaction.

The government would usually issue sukuk based on its own assets, but in this case the transaction was based on the creditors' assets, Fatemeh Khanahmadi, computational finance and risk manager at Novin Investment Bank, told Reuters.

"The creditors accepted it as the government is still guarantor to pay the principal and the interest to investors."

While officials have said foreigners are permitted to buy Iranian bonds, foreign portfolio investment in Iran is still very small, so all or almost all of this month's sukuk issue is likely to be held by domestic investors.

In the wake of the lifting of economic sanctions against Iran in January, authorities are rolling out a series of initiatives to develop the country's capital markets and reduce local firms' reliance on loans from a debt-laden banking sector.

The government has announced plans to issue 60 trillion rials worth of Islamic Treasury bills this year, after a maiden sale in September.

Iran's capital markets have developed differently from those in the rest of the Gulf after years of isolation, and only a handful of sukuk structures are available.

The municipality of Tehran issued the country's first sukuk in 1994 based on an investment partnership format known as musharaka, which has remained the main structure in use.

Six years ago, the capital market regulator introduced ijara and murabaha structures - the latter is a cost-plus-profit format - but they have been slow to catch on, even though they are widely used elsewhere in the Gulf. (Reporting by Bozorg Sharafedin and Bernardo Vizcaino; Editing by Andrew Torchia and Alexander Smith)

 

keywords: Islamic bonds

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