Iran’s second-largest auto producer has started the underwriting process of its 390-trillion-rial ($92.8 million) worth of Islamic bonds on Tehran Stock Exchange. Starting Saturday, the process is expected to continue for three days until the Ijarah sukuk’s secondary trading can commence. According to SAIPA’s website, debt securities are meant to provide the company with working capital. The four-year bonds are each priced at 1 million rials ($23.8) and have a yield to maturity of 18%. Ijarah sukuk are securities representing the ownership of well-defined assets tied up to a lease contract, the rent for which is the return payable to sukuk holders, Securities and Exchange News Agency reported.
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