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 21 11 425 160 000
JPY 8 204 900 000 000
USD 5 2 635 000 000
EUR 1 400 000 000
corporate
TND 227 3 806 042 600
USD 1 1 000 000 000
EUR 1 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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
Tunisie Leasing, 7.55% 7jun2022, TND - Domestic bonds TN0002101947 7.55% 14 570 000  TND 06/07/2017 06/07/2022
Tunisie Leasing, FRN 7jun2022, TND - Domestic bonds TN0002101954 Tunisia Montlhy Average Money Rate + 2.35% 3 000 000  TND 06/07/2017 06/07/2022
Tunisie Leasing, 7.8% 7jun2024, TND - Domestic bonds TN0002101962 7.8% 19 430 000  TND 06/07/2017 06/07/2024
Tunisia, BTA 6 14jun2021 - Domestic bonds 6% 108 200 000  TND 06/06/2017 06/14/2021
Attijari Bank, 7.4% 31may2022, TND - Domestic bonds TN0001600477 7.4% 48 095 000  TND 05/31/2017 05/31/2022
Attijari Bank, FRN 31may2022, TND - Domestic bonds TN0001600485 Tunisia Monthly Average Money Rate + 1.9% 336 000  TND 05/31/2017 05/31/2022
Attijari Bank, 7.5% 31may2024, TND - Domestic bonds TN0001600493 7.5% 11 569 000  TND 05/31/2017 05/31/2024
Banque Nationale Agricole (BNA), 7.4% 26may2022, TND - Domestic bonds TN0003100708 7.4% 20 140 000  TND 05/26/2017 05/26/2022
Banque Nationale Agricole (BNA), 7.55% 26may2024, TND - Domestic bonds TN0003100716 7.55% 29 860 000  TND 05/26/2017 05/26/2024
Amen Bank, 7.4% 30apr2022, TND - Domestic bonds TN0003400546 7.4% 23 900 000  TND 04/30/2017 04/30/2022

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 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Tunisia) 4.80 4.80 5.00 4.80 4.60 4.60
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

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, 2.04% 7aug2023, JPY   JPY 08/07/2023 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, 4.350% 15aug2017, JPY   JPY 08/15/2017 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, 8.250% 19sep2027, USD   USD 09/19/2027 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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150 000
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countries
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