Bonds Teeter Near Zero

The 28th weekly government bond auction held by the Central Bank of Iran got a cold shoulder for the second week in a row.
Auctions are held by CBI on behalf of the Economy Ministry to raise funds for the government’s deficit spending. Buyers of the debt normally are banks, credit institutions, investment funds and institutional investors. 
In the absence of equity market investors, this week only one bank put a bid for 1.9 trillion rials ($5.4 million) of short-term bonds. The offer though was not approved by the Ministry of Economy.