Government Raises 34 Trillion Tomans at 12th Islamic Bond Auction

According to Ecoiran, the government's 12th Islamic bond auction, held this week, raised about 34 trillion tomans, more than 10 times the average financing raised under the previous sale method, the report said. Analysts cited in the report say the yield on these bonds reached 41.9 percent at this auction.

Since the ninth auction, the government has run a primary and secondary market structure for its debt sales, with primary dealers including Bank Mellat, Tejarat Bank, Omid Investment Bank, Lotus Parsian Investment Bank and Afra Investment Fund; the three most recent auctions under this structure have sold at higher rates than before.