The peptide bond is formed. The peptide chain is in the P site and at the A site, the next amino acid (specified by the codon on the mRNA) is brought by the tRNA -
1. the polypeptide in the P site is detached from its tRNA and a peptide bond is formed between the last amino acid of the polypeptide and the amino acid attached to the tRNA in the A site.
This is catalyzed by a ribozyme.