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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 23 11 778 440 000
JPY 7 192 400 000 000
USD 6 3 635 000 000
EUR 2 1 250 000 000
Corporativo
TND 222 3 752 213 600
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
Arab Tunisian Bank (ATB), FRN 15mar2025, TND - Bonos locales TN0003600640 Tunisia Monthly Average Money Rate + 2.05% 48 160 000  TND 15/03/18 15/03/25
Arab Tunisian Bank (ATB), FRN 15mar2028, TND - Bonos locales TN0003600657 Tunisia Monthly Average Money Rate + 2.1% 1 840 000  TND 15/03/18 15/03/28
Tunisia, BTA 6.5 11jun2025 - Bonos locales TN0008000705 6.5% 1 200 000  TND 06/03/18 11/06/25
Arab Tunisian Lease, 7.65% 2mar2023, TND - Bonos locales TN0004700720 7.65% 3 150 000  TND 02/03/18 02/03/23
Arab Tunisian Lease, FRN 2mar2023, TND - Bonos locales TN0004700738 Tunisia Monthly Average Money Rate + 2.35% 3 750 000  TND 02/03/18 02/03/23
Arab Tunisian Lease, 7.95% 2mar2025, TND - Bonos locales TN0004700746 7.95% 10 900 000  TND 02/03/18 02/03/25
Tunisie Leasing, 7.95% 8feb2023, TND - Bonos locales TN0002101970 7.95% 10 839 600  TND 08/02/18 08/02/23
Tunisie Leasing, 8.2% 8feb2025, TND - Bonos locales TN0002101988 8.2% 19 160 400  TND 08/02/18 08/02/25
Hannibal Lease, 8% 26jan2023, TND - Bonos locales TN0007310428 8% 7 670 600  TND 26/01/18 26/01/23
Hannibal Lease, FRN 26jan2023, TND - Bonos locales TN0007310436 Tunisia Monthly Average Money Rate + 2.4% 3 799 400  TND 26/01/18 26/01/23

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Tunisian international bonds, USD bln 6.700 6.600 6.600 6.600 6.200 5.200 5.500
BIS net issues of international-bond market of emerging countries
International-bond net issue of Tunisia, USD bln 0.000 0.000 -0.100 0.500 1.000   0.500

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
Annual new issues of Tunisia sovereign international bonds, USD bln 1.904 0.500 1.000 0.958
Annual new issues of Tunisia corporate international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Tunisia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Tunisia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
African International Bonds Markets
Tunisia international bonds, USD bln 6.818 6.828 6.865 6.905 6.914 6.986 6.963
Tunisia corporate international bonds, USD bln 0.000 0.000 0.000 0.000 2.031 0.000 0.000
Tunisia sovereign international bonds, USD bln 6.818 6.828 6.865 6.905 4.883 6.986 6.963
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Tunisia) 7.50 7.80 7.70 7.70 7.60 7.10 6.90
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Yearly indices

Type 2017 2016 2015 2014 2013
Government Debt to GDP (World), %
Government Debt to GDP(Tunisia) 69.20 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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