Investors Snub Gov’t Bonds for Fifth Time

Banks and non-bank financial institutions again refused to participate in the weekly bond auction held by the Central Bank of Iran on Tuesday. 
This was the fifth weekly government bond auction that failed to attract big investors and was also snubbed by the stock market as only 703.1 billion rials ($2.5m) at 21% was bought outside the auction process, according to the CBI website. As per an earlier announcement, 64 trillion rials ($230m) in bonds was on offer. 
Bond auctions were launched in May where the CBI (on behalf of the government) offers debt to raise funds for the Rouhani administration’s deepening budget deficits.