Bond Market Anxiety Persists

Of the 51 trillion rials ($188 million) in bonds offered at the weekly auction in Tehran on Tuesday investors bought only 3.5 trillion rials ($13m) -- another sign of changing investor perceptions and attitudes in the unattractive debt market. 
Struggling to buy bonds at higher rates, two banks and five investment funds put in bids worth 36 trillion rials but the Economy Ministry approved bids at 21% yield with three-year maturity and 20.4% for two-year maturity.  
The auctions are held by the Central Bank of Iran to raise funds to help the government shore up its flagging finances. The CBI said it will hold the next auction on Nov.17 and offer the unsold bonds.