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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 26 12 563 289 260
JPY 7 192 400 000 000
USD 6 3 635 000 000
EUR 2 1 250 000 000
corporate
TND 212 3 664 501 600
EUR 2 1 350 000 000

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
Banque Centrale Tunisia International Bond, 6.75% 31oct2023, EUR - International bonds XS1901183043 6.75% 500 000 000  EUR 10/24/2018 10/31/2023
Tunisia, BTA 5.6 11aug2022 - Domestic bonds 5.6% 190 000 000  TND 10/09/2018 08/11/2022
Tunisia, BTA 6.3 8dec2023 - Domestic bonds 6.3% 75 000 000  TND 08/14/2018 12/08/2023
Arab Tunisian Bank (ATB), FRN 15mar2025, TND - Domestic bonds TN0003600640 Tunisia Monthly Average Money Rate + 2.05% 48 160 000  TND 03/15/2018 03/15/2025
Arab Tunisian Bank (ATB), FRN 15mar2028, TND - Domestic bonds TN0003600657 Tunisia Monthly Average Money Rate + 2.1% 1 840 000  TND 03/15/2018 03/15/2028
Tunisia, BTA 6.5 11jun2025 - Domestic bonds TN0008000705 6.5% 51 300 000  TND 03/06/2018 06/11/2025
Arab Tunisian Lease, 7.65% 2mar2023, TND - Domestic bonds TN0004700720 7.65% 3 150 000  TND 03/02/2018 03/02/2023
Arab Tunisian Lease, FRN 2mar2023, TND - Domestic bonds TN0004700738 Tunisia Monthly Average Money Rate + 2.35% 3 750 000  TND 03/02/2018 03/02/2023
Arab Tunisian Lease, 7.95% 2mar2025, TND - Domestic bonds TN0004700746 7.95% 10 900 000  TND 03/02/2018 03/02/2025
Tunisie Leasing, 7.95% 8feb2023, TND - Domestic bonds TN0002101970 7.95% 10 839 600  TND 02/08/2018 02/08/2023

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
[10315] 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
[10439] 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)
[19841] Annual new issues of Tunisia sovereign international bonds, USD bln 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
[19933] Annual new issues of Tunisia corporate international bonds, (financial sector) USD bln 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

Emerging Markets International Bonds

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Volume of African International Bonds Markets
[21807] Tunisia international bonds, USD bln 7.308 7.321 6.779 6.818 6.818 6.828 6.865
[21853] Tunisia corporate international bonds, USD bln 0.566 0.566 0.000 0.000 0.000 0.000 0.000
[21899] Tunisia sovereign international bonds, USD bln 6.743 6.755 6.779 6.818 6.818 6.828 6.865
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15773] Inflation Rate (Tunisia) 7.40 7.40 7.50 7.50 7.80 7.70 7.70
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Yearly indices

Type: 2017 2016 2015 2014 2013
Government Debt to GDP (World), %
[15407] Government Debt to GDP(Tunisia) 69.20 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, 8.25% 19sep2027, USD   USD 09/19/2027 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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