Iran to sell €1b in bonds overseas

Business Materials 9 March 2010 16:14 (UTC +04:00)

Iran will start offering bonds worth a total of 1 billion euro on March 9 which would be available at Iranians banks abroad, SHANA News Agency reported on Sunday.

The bonds, designed to help finance development of phases 15-18 of Iran''s South Pars natural gas field, will have a maturity of three years and an interest rate of eight percent, SHANA said, citing the head of state Bank Mellat, Ali Divandari.

"The bonds will be offered both to domestic and foreign investors," he said.

"These bonds will be available for sale starting March 9 for a period of 120 days. It is predicted that they will be sold before the assigned sale date due to the attractiveness of the interest rate paid on them," Divandari said.