The debts were sold in an open auction at the over-the-counter exchange Iran Fara Bourse on Jan. 16, 17 and 20. The four-year bonds offer a 17% yield-to-maturity, are tax-free and pay dividends every six months. Meant for financing development projects, they are guaranteed by the Economy Ministry and their payback is financed by the Plan and Budget Organization, Financial Tribune reported. According to Chairman of Securities and Exchange Organization Shapour Mohammadi, government bond issuance is expected to reach 345 trillion rials ($7.75 billion) by the end of the current fiscal year (March 21), IRNA reported.