The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

A new breed of borrower

Iranian shipping company NITC is a rarity: it's one of the few non-oil and gas companies in the Islamic Republic seeking funds in the international markets.

ALTHOUGH IRAN IS under pressure from continued sanctions and scrutiny from the US, and an insurgency on its borders, its corporates are becoming more aggressive participants in the international financial markets. And although most of this fundraising is dominated by oil and gas concerns, other types of companies are beginning to enter the fray.

None has a more expansive strategy than the National Iranian Tanker Company (NITC). It has already ventured into the bank lending market and now, according to its finance director, N Pilhevarian, it is thinking of making its debut in the international bond markets. Pilhevarian says that NITC plans to issue a debut $500 million bond, probably in 2006. Assuming this is successful, the company could raise as much as $1 billion in the international bond markets the following year.

This funding follows NITC's ventures in the loan market last year. In April 2004, it borrowed $60 million through a five-year loan that involved several Arab banks as well as Standard Chartered. The latter also provided NITC with an additional $82.5 million through two bilateral loans.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree