Iranian Municipalities Sold $150m Worth of Bonds in Q1

Iranian municipalities sold 11.99 trillion rials ($150 million) worth of Islamic debt securities during the first quarter of the current fiscal year (March 21-June 21), indicating a near doubling in sales compared with the last fiscal year’s corresponding period.
The bonds sold, however, only make up about half of the total volume issued, as municipalities had 25 trillion rials ($314 million) of Musharaka sukuk with 20% yield to maturity on their hands.
As part of the budget plan for the current fiscal year (March 2018-19), the Iranian Parliament has allowed municipalities to issue up to 55 trillion rials ($688 million) of Musharaka bonds. Municipalities are mandated to use at least half of the funds raised to expand urban rail transportation.