Page 31 - IRANRptJun18

Stock market cap at $102.15 in March
The Tehran Stock Exchange (TSE) reported a market capitalisation of $102.15bn in March 2018, down from $105.98bn in December last year.
Iran - Financial market as of Mar 2018 as of Dec 2017
Equity market index
96,938.8 95,561.5
Market capitalisation: % of GDP
25.6% (2016) 22.7% (2015)
Market cap: Tehran Stock Exchange (TSE) 102.15 105.98 (USD bn)
PE ratio: TSE 6.49 7.01
Index: Tehran Stock Exchange: TEDPIX 96.94 95.56 (USD bn)
Source: CEIC
8.4 Fixed income
8.4.1 Fixed income - bond news
Telecommunication Company of Iran to issue €161mn in Islamic bonds
Iran to issue first ever foreign currency bonds
The Telecommunications Company of Iran (TCI) has announced that it underwrote IRR8tn (€161mn) of Islamic bonds, or Sukuk, listed on the Tehran Stock Exchange (TSE) on May 20, SENA reported. Iran’s sole landline provider is hoping to use the windfall from the sale to push ahead with its fibre optic plans, for which it has to date partnered with several foreign companies, including South Africa’s MTN, to finance.
The Sukuk will pay an average 16% interest annually, paid out on a quarterly basis. Ijarah Sukuk are securities representing the ownership of well-defined assets tied to a lease contract, the rent for which is the return payable to Sukuk holders.
The Central Bank of Iran (CBI) has announced a plan to issue foreign currency-denominated bonds for the first time in the history of the Islamic Republic, Islamic Republic News Agency reported on February 7. CBI governor Valiollah Seif reportedly said the national lender hopes to tap into the market for forex trading, something which has become a popular pastime in Tehran in recent months with the Iranian rial having plunged against the dollar and other hard currencies.
“Currently, there are a variety of choices for investors, including the monetary market, the stock market, the bond market and the housing sector,” Seif said, noting that the forex bonds should ease currency reserve stresses by redirecting people away from unwise investments to bona fide funds that can deliver handsome returns.
31 IRAN Country Report June 2018 www.intellinews.com