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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

Сurrency Outstanding bond issues Cumulative volume
sovereign
TND 32 12 718 674 600
JPY 7 192 400 000 000
USD 5 3 150 000 000
EUR 4 2 450 000 000
corporate
TND 231 3 570 404 100

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, TB 15sep2020 12m - Domestic bonds TN0008004210 0% 25 000 000  TND 08/29/2019 09/15/2020
Tunisia, TB 28jul2020 12m - Domestic bonds TN0008004202 0% 5 000 000  TND 07/26/2019 07/28/2020
Tunisia, 6.375% 15jul2026, EUR - International bonds XS2023698553 6.375% 700 000 000  EUR 07/10/2019 07/15/2026
Tunisia, TB 2jun2020 12m - Domestic bonds TN0008004186 0% 14 000 000  TND 05/23/2019 06/02/2020
Tunisia, TB 5may2020 12m - Domestic bonds TN0008004178 0% 18 500 000  TND 04/25/2019 05/05/2020
Banque de l’Habitat, FRN 26mar2024, TND - Domestic bonds TN0001901081 Tunisia Monthly Average Money Rate + 2.1% 7 880 000  TND 03/26/2019 03/26/2024
Banque de l’Habitat, 10.2% 26mar2024, TND - Domestic bonds TN0001901099 10.2% 5 500 000  TND 03/26/2019 03/26/2024
Banque de l’Habitat, FRN 26mar2024, TND - Domestic bonds TN0001901107 Tunisia Monthly Average Money Rate + 2.3% 30 000  TND 03/26/2019 03/26/2024
Banque de l’Habitat, 10.3% 26mar2026, TND - Domestic bonds TN0001901115 10.3% 9 620 000  TND 03/26/2019 03/26/2026
Banque de l’Habitat, FRN 26mar2026, TND - Domestic bonds TN0001901123 Tunisia Monthly Average Money Rate + 2.6% 10 950 000  TND 03/26/2019 03/26/2026

GDP

Yearly indices

Type: 2017 2016 2015 2014 2013
Government debt-to-GDP (Africa)
[15407] Government Debt to GDP(Tunisia) 69.20 60.60 53.90 50.90 44.38

International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Africa international bonds outstanding volume
[21807] Tunisia international bonds, USD bln 6.379 6.152 7.290 7.250 7.334 7.353 7.405
[21853] Tunisia corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[21899] Tunisia sovereign international bonds, USD bln 6.379 6.152 7.290 7.250 7.334 7.353 7.405
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Inflation (Africa)
[15773] Inflation Rate (Tunisia) 6.70 6.50 6.80 7.00 6.90 7.08 7.28
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19841] Annual new issues of Tunisia sovereign international bonds, USD bln 0.570 1.904 0.500 1.000 0.958
[19887] Annual new issues of Tunisia corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19933] Annual new issues of Tunisia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000
[19979] Annual new issues of Tunisia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Tunisia, 1.686% 16jul2019, USD   USD 07/16/2019 05/18/2016 **.** *.** 05/18/2016 ***.** *.**
Tunisia, 2.452% 24jul2021, USD   USD 07/24/2021 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Tunisia, 4.20% 17mar2031, JPY   JPY 03/17/2031 05/18/2016 ** *.** 05/18/2016 ** *.**
Tunisia, 4.30% 2aug2030, JPY   JPY 08/02/2030 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Tunisia, 4.50% 22jun2020, EUR   EUR 06/22/2020 05/18/2016 **.* *.** 05/18/2016 ***.*** *.**
Tunisia, 5.75% 30jan2025, USD   USD 01/30/2025 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Tunisia, 8.25% 19sep2027, USD   USD 09/19/2027 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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