According to a statement from PGPIC’s public relations
office, the five-year bonds will carry a nominal interest rate of 23%, with
quarterly coupon payments. Bank Tejarat (Public Joint Stock Company) has been
named as the guarantor for both the principal and interest payments.
The sukuk will be backed by part of the polypropylene
plant’s equipment, which is currently 97% complete and designed to produce
150,000 metric tons of polypropylene per year.
The bond issuance is expected to support the final stages of
construction and facilitate the launch of commercial operations, as Iran
continues to expand value-added petrochemical production despite economic
sanctions and market volatility.