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Tunisia: bonds

Tunisia’s government bond yield curve has tenors up to 15 years with five benchmark points along the curve. The bond market has a rowing and diversified investor base with marginal presence of foreign investors. The fixed income market comprises short-term Treasury bills (Bons du Tresor a Court Terme BTCT), bonds equivalent to Treasury bonds (Bons du Tresor Assimilables – BTA), and corporate obligations. These securities are fully dematerialized and have tenors ranging from 13 weeks to 15 years for public securities and from 5 to 25 years for corporate obligations. The Government of Tunisia, through its issuing agent the Treasury, regularly issues debt. In 2009 more than 63% of Government debt matured within five years, 32% between 5 and 10 years, and 5% above 10 years. Interest is payable annually, with bullet repayment of the principal. The majority of outstanding Government securities are fixed rate instruments and the remaining securities zero-coupon obligations. As for the corporate bond market, most major Tunisian corporations issue debt throughout the year, depending on the liquidity available in the capital markets. Municipalities are allowed to issue debt in the capital markets, however, to date they have not issued any debt. Financial institutions are the most active among non-Government issuers. Although secondary market activity has increased in recent years, the market still remains largely illiquid.

Outstanding bond issues

Moneda Outstanding bond issues Cumulative volume
Soberano
TND 22 11 527 840 000
JPY 7 192 400 000 000
USD 5 2 635 000 000
EUR 1 400 000 000
Corporativo
TND 219 3 702 319 600
USD 1 1 000 000 000
EUR 1 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Tunisia, BTA 8.5 10jul2028 - Bonos locales 8.5% 8 500 000  TND 23/01/18 10/07/28
Tunisia, BTA 6.1 10nov2021 - Bonos locales 6.1% 134 000 000  TND 23/01/18 10/11/21
Arab Tunisian Lease, 7.9% 16oct2024, TND - Bonos locales TN0004700712 7.9% 20 000 000  TND 16/10/17 16/10/24
Hannibal Lease, 7.65% 10jul2022, TND - Bonos locales TN0007310402 7.65% 8 445 800  TND 10/07/17 10/07/22
Hannibal Lease, 7.85% 10jul2024, TND - Bonos locales TN0007310410 7.85% 16 554 200  TND 10/07/17 10/07/24
Compagnie Internationale de Leasing (CIL), 7.6% 27jun2022, TND - Bonos locales TN0004201430 7.6% 21 227 000  TND 27/06/17 27/06/22
Tunisie Leasing, 7.55% 7jun2022, TND - Bonos locales TN0002101947 7.55% 14 570 000  TND 07/06/17 07/06/22
Tunisie Leasing, FRN 7jun2022, TND - Bonos locales TN0002101954 Tunisia Montlhy Average Money Rate + 2.35% 3 000 000  TND 07/06/17 07/06/22
Tunisie Leasing, 7.8% 7jun2024, TND - Bonos locales TN0002101962 7.8% 19 430 000  TND 07/06/17 07/06/24
Tunisia, BTA 6 14jun2021 - Bonos locales TN0008000671 6% 162 200 000  TND 06/06/17 14/06/21

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Tunisian international bonds, USD bln 6.200 5.200 5.500 4.900 4.800 4.600 4.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Tunisia, USD bln 1.000   0.500   0.000 0.000 0.000

Macroeconomic Indicators (World economy)

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Tunisia) 6.90 6.40 6.30 5.80 5.50 5.70 5.60
show other indices

Yearly indices

Type 2016 2015 2014 2013
Government Debt to GDP (World), %
Government Debt to GDP(Tunisia) 60.60 53.90 50.90 44.38

Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Tunisia, 1.686% 16jul2019, USD   USD 16/07/19 18/05/16 **.** *.** 18/05/16 ***.** *.**
Tunisia, 2.04% 7aug2023, JPY   JPY 07/08/23 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
Tunisia, 2.452% 24jul2021, USD   USD 24/07/21 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
Tunisia, 4.20% 17mar2031, JPY   JPY 17/03/31 18/05/16 ** *.** 18/05/16 ** *.**
Tunisia, 4.30% 2aug2030, JPY   JPY 02/08/30 18/05/16 **.* *.** 18/05/16 **.* *.**
Tunisia, 4.350% 15aug2017, JPY   JPY 15/08/17 18/05/16 *** *.** 18/05/16 *** *.**
Tunisia, 4.50% 22jun2020, EUR   EUR 22/06/20 18/05/16 **.* *.** 18/05/16 ***.*** *.**
Tunisia, 5.75% 30jan2025, USD   USD 30/01/25 18/05/16 **.** *.** 18/05/16 **.** *.**
Tunisia, 8.250% 19sep2027, USD   USD 19/09/27 18/05/16 ***.* *.** 18/05/16 ***.** *.**
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150 000
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countries
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