Iran to issue $300mn Islamic T-Bills
Iran is to issue Islamic Treasury Bills for the first time as part efforts to boost its economy during the post-sanctions era.
According to a report by the Financial Times, the Sharia law-compliant bonds will be offered to investors via Fara Bourse, which is seen as Iran’s small over-the-counter market.
About $300 million worth of the Treasury Bills will be offered to investors at a steep discount.
The effective interest rate of the bills is expected to be higher than the official bank deposit which stands at 20% .
Kardan Investment Bank, a Tehran-based company will be acting as market maker on the Islamic T-bill sale, a version of Iran's short-term sovereign debt.
The public offering is seen as a litmus test for the international community’s reaction to investment risks in Iran in the wake of the conclusion of nuclear talks between Iran and the P5+1 group.
Iran and the five permanent members of the UN Security Council – the United States, Britain, France, China, Russia plus Germany –finalized the text of the JCPOA in the Austrian capital on July 14.
Under the JCPOA, limits will be put on Iran’s nuclear activities in exchange for, among other things, the removal of all economic and financial bans against the Islamic Republic.
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