That is a huge effort, attempting to raise $4.8 billion from the Iranian public. The government used to issue bonds in euros to raise funds from foreign investors. But with the banking restrictions Iran faces in Europe and elsewhere, it is essentially shut out of foreign capital markets. The size of this rial bond issue is a sign of how dependent the state has become on raising capital domestically.
The first tranche of the bonds are being issued October 23, according to Musa Suri, managing director of the Pars Oil and Gas Co., which has been handling much of the work on South Pars since European firms have backed out of the project.
He said that under an agreement with the Central Bank, Iranian commercial banks around the country would market the bonds.
The regime has always announced that all of its bond issues have sold out and sold out very quickly. The same can be expected this time.