Sprint Long Distance

The Iranian


email us

Sprint Long Distance

Flower delivery in Iran

Fly to Iran

Sehaty Foreign Exchange

    News & views

Iran is bullish on planned eurobond

Financial Times
July 13, 2000,

Tehran -- Iran expects a good reception for its planned eurobond issue, its first foray into international capital markets since the 1979 Islamic revolution, Mohsen Nourbaksh, governor of the Central Bank of Iran (CBI), said yesterday.

Mr Nourbaksh told the Financial Times that the CBI planned to issue the eurobond, in the region of Euros 300m-Euros 500m (Dollars 285m-Dollars 475m) for a three or five-year term, this year. Foreign bankers in Tehran said Commerzbank and Paribas were likely to manage the offering.

Bankers said Iran was disappointed with the B2 credit rating it received from Moody's a year ago. They said higher oil revenues and a more stable political situation were likely to assure a good reception for the eurobond, provided it was priced correctly. They said Iran did not need the money and was more interested in seeking an international benchmark.

Mr Nourbaksh said the eurobond would be followed by other longer-term issues as the market gained confidence in Iran's prospects. Iran's debt obligations this year of Dollars 10.3bn are its lowest for nearly a decade.

For the first time, Iran has established a "stabilisation fund" for above-budget oil revenues. The price of oil was budgeted this year at Dollars 14.50 a barrel, compared with current prices for Iranian crude of about Dollars 26.

"This gives us a better position financially. This is evidence that gives more confidence to the market. Fortunately we are in a very solid position," Mr Nourbaksh said.


 MIS Internet Services

Web Site Design by
Multimedia Internet Services, Inc

 GPG Internet server

Internet server by
Global Publishing Group.