31 January 2012 - 11:38
  • News ID: 184038

TEHRAN Jan 31 (Shana): The National Iranian Oil Company (NIOC) has decided to raise the volume of issuance of South Pars’s participation bonds from 9 billion rials to 11.5 billion rials, NIOC’s managing director Ahmad Qalebani said on Tuesday.

Speaking to Shana, the official said: Offering new batch of bonds will be started as of 4th February by Bank Tejarat and Bank Mellat as agent banks based on the new rates determined lately by the Council of Money and Credit.

The four year period bonds which will be offered for six working days could be bought back before maturity based on 18 percent interest rate in the first year and 19.5 percent as of second year. On account interest rate of the bonds is 20 percent, bonds are tax free and could be redeemed at all branches of the agent banks.

Declaring maximum interest rate of the bonds 27 percent, Qalebani said with regard to very attractive interest rates of the bonds, it is expected offering to be faced with widespread welcome.

According to the official Central Bank of Iran (CBI) also has agreed to increase interest rate of the first batch of bonds from 17 to 20 percent.

NIOC’s managing director continued that following ratification of new money package by the Central Bank of Iran and Council of Money and Credit, NIOC was the first company started issuance of participation bonds based on 20 percent interest rate.

 

 

News ID 184038

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