Total size of Sukuk issued through SPVs in Iran Capital market from 2011 to August 2021 is 877,019 billion IRR and total outstanding sukuk equals 716,889 billion IRR.
Iran Capital Market Central AMC reports: Iranian corporates have issued SPV involved sukuk in different structures; such as, Ijarah, Manfaah, ABS and Murabaha amounting to 182,839 billion IRR in the first 9 months of 2021 which is expected to rise considering the initial permits given by the Securities and Exchange Organization of Iran to 19 originators looking to raise funds through issuing SPV needed sukuk amounting to at least 100 trillion IRR.
The sukuk issued this year include a diverse range of underlying assets such as: sale contracts, drill rig, car parts, raw materials, future revenues from the gas fields and stocks.
Sukuk Issued through SPVs in Iran Capital Market Jan. to Aug. 2021
|No.||Originator||Underlying Asset||Amount in Million IRR||Sukuk Structure||Tenor (years)||Return Payment Periods (months)||Rate (% annually)||Rating/Third Party Guarantee/Stocks Collateralization|
|1||Mehr Ayandegan Financial Development Group||stocks||7,000,000||Ijarah||4||3||20||A+|
|2||The Social Security Investment Co.||stocks||30,000,000||Ijarah||4||6||18||A+|
|3||Pars Oil Co.||Raw Materials||1,000,000||Murabaha||4||3||18||Karafarin Bank|
|4||Taban Farda Petrochemical Group||stocks||30,000,000||Ijarah||4||3||18||stocks|
|5||National Iranian Oil Co.||Part of the profits of phase 12 of the South Pars gas field||50,000,000||Manfaah||4||6||18.5||Ahdaf Investment Co.|
|6||Dr. Abidi Pharmaceuticals Co.||Drug manufacturing and packaging equipment||639,554||Ijarah||4||3||18||Middle East Bank|
|7||Iran Khodro Automaker Co.||Materials and parts required for car production||10,000,000||Murabaha||4||3||18||Sepah Bank|
|8||Sabatamin Investment Co.||stocks||10,000,000||Ijarah||4||6||18||A-|
|9||Pasargad Energy Development Co.||Offshore drilling rig||13,500,000||Ijarah||4||12||18||Pasargad Bank|
|10||Kish Investment and Development Co.||123 sales contracts||1,000,000||ABS||2.8||3||18||Mellat Bank|
|11||Bahman Diesel Co.||Car parts||5,000,000||Murabaha||4||3||18||stocks|
|12||Saipa Yadak Co.||Auto parts and spare parts||1,500,000||Murabaha||4||3||18||stocks|
|13||Arghavan Gostar Ilam Petrochemical Co||Electrical and mechanical equipment and facilities||1,200,000||Ijarah||5||6||18||stocks|
|14||Bahman Motor Co.||Car parts||5,000,000||Murabaha||4||3||18||stocks|
|15||National Investment Company of Iran||stocks||7,000,000||Ijarah||4||6||18||stocks|
|16||Tadbir Economic Development Group||stocks||10,000,000||Ijarah||4||3||18||stocks|
In Iran capital market, credit rating is not mandatory for issuing sukuk while in 2021, for the first time in the past 11 years some sukuk were issued based on their credit rating determined by local credit rating agencies.
According to guidelines on issuance of sukuk in Iran capital market, the sukuk originators are required to guarantee the payment of distribution amounts and principal through providing third person guarantee and/or corporate and sukuk credit rating and/or stocks collateralization.