Maskan Investment Bank, a subsidiary of Bank Maskan—the agent bank of the housing sector, has issued the first-ever corporate bonds.
According to a report by HIBNA, the official news portal of Bank Maskan, the Ijarah bonds pertaining to the Saba Naft Construction Company (SNCC) were valued at 920 billion rials ($21.78 million) and released with an interest rate of 15%.
"In light of the fact that the interest rates of these bonds were equal to the annual bank deposit rates, Kaveh Delsouz, MIB's director of finance and advisory services, said after the bonds were offered in the official [over-the-counter]...
June 12, 2018 19:23
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Iran's 1st-Ever Housing Corporate Bonds Issued by MIB
By releasing Ijarah bonds, MIB is responsible for underwriting and collecting the funds as the issuer of the bonds and the representative of bond purchasers
Since these bonds do not require bank guarantees as agreed by the Securities and Exchange Organization, they will end up cheaper than usual capital market finance tools
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