Market News

– Following the policies to expand the scope of Iran Debt Market and providing Iranian companies with proper finances via debt securities, a new wave of corporate and governmental Sukuks are to be published soon on Iran Fara Bourse and Tehran Stock Exchange (see description below):

• Sukuk Ijarah for Islamic Republic of Iran airline worth IRR 5,000 bn (cUSD 105.22 mn) with a nominal yield of 16%,5-year maturity and quarterly coupon payments.
• Sukuk Ijarah for Saipa Co. worth IRR 390 bn (cUSD 8.21 mn) with a nominal yield of 16%, 4-year maturity and quarterly coupon payments.
• Sukuk Intifa’a for Iranian government worth IRR 20,000 (cUSD 421 mn) with a nominal yield of 18%, 3.5-year maturity and semi-annual coupon payments.
• Sukuk Ijarah for Iran Social Security Organization worth IRR 20,000 (cUSD 421 mn) with a nominal yield of 20%, 3-year maturity and semi-annual coupon payments.

– Today and for the first time, iron ore pellets are to be offered on Iran Mercantile Exchange. Arkan Steel Co. will sell its pellets on the domestic ring of the main market, in order for the pricing to be market-based (Supply-Demand oriented) from after.

– On the last day of the current Iranian year, 10% of “Tabarok Group” (AKA Tabarok Holding), a company active in food and beverage sector, will be offered to the public on Iran Fara Bourse. The IPO is based on book building method and the price ranges from IRR 1,335 to 1,395. The company is being held completely private and has 9 subsidiaries all active in FMCG industry.

Upbeat Finish for the first day of the last Week!

In the Market

Tehran Stock Exchange start the first day of the last working week before the new year on a positive note, in what was a quiet and fairly range-bound session. The TEPIX advanced 0.05%, breaking the recent losing streak, while the IFEX declined -0.09%.

The Banking sector (+1.08%) struggled for much of the session, keeping its gain in check, with Saderat Bank (BSDR1, +4.90%, IRR 535) showing particular strength; the doomed bank compensate for a tiny part of its previous huge lost and traded for more than 377 mn shares. Bank Mellat (BMLT1, +3.38%, IRR 979) also ended the day in good green and record the most positive points on the main index.

In the heavy weighted Chemical sector (+0.08), rather balanced trades were seen. Jam Petrochemical (PJMZ1, -1.05%, IRR 10,175) led the negative trend and stamped -26 points on the index while others like Parsian Oil & Gas (PASN1, +1.27%, IRR 2,317) and Zagros Petrochemical (PZGZ1, +0.85%, IRR 32,672) made balance to the industry trades.

Finally, the relative weakness in the mid-weighted Auto sector (-1.69%) steepened the previous performance of the industry, pushing it to back off again. It is safe to say that almost all of the important tickers ended the day in red and only the tiny one or two were successful to finish in the green.

Source:

2018, Iran Debt Market gets deeper than ever!, Saturday, March 17, p.1,<https://agahgroup.com>