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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 21 11 586 660 000
JPY 7 192 400 000 000
USD 5 2 635 000 000
EUR 1 400 000 000
corporate
TND 228 3 838 769 600
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
Central Bank of Tunisia, 3.5% 18apr2022, USD - International bonds XS1599090856 3.5% 1 000 000 000  USD 04/18/2017 04/18/2022
Central Bank of Tunisia, 5.625% 17feb2024, EUR - International bonds XS1567439689 5.625% 850 000 000  EUR 02/10/2017 02/17/2024
Tunisia, 1.416% 5aug2021, USD - International bonds US066716AJ05 1.416% 500 000 000  USD 08/03/2016 08/05/2021
Tunisia, 5.75% 30jan2025, USD - International bonds XS1175223699 5.75% 1 000 000 000  USD 01/26/2015 01/30/2025
Tunisia, 1.61% 10oct2024, JPY - International bonds JP578801AEN2 1.61% 50 000 000 000  JPY 10/01/2014 10/10/2024
Tunisia, 2.452% 24jul2021, USD - International bonds US066717AA78 2.452% 500 000 000  USD 07/21/2014 07/24/2021
Tunisia, 2.04% 7aug2023, JPY - International bonds JP578801ADL8 2.04% 22 400 000 000  JPY 07/31/2013 08/07/2023
Tunisia, 1.19% 14dec2022, JPY - International bonds JP578801ACQ9 1.19% 25 000 000 000  JPY 12/07/2012 12/14/2022
Tunisia, 1.686% 16jul2019, USD - International bonds US066716AG65 1.686% 485 000 000  USD 07/11/2012 07/16/2019
Tunisia, 3.28% 9aug2027, JPY - International bonds JP578801A785 3.28% 30 000 000 000  JPY 08/01/2007 08/09/2027

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

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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issues: local and international bonds
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countries
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150 000
issues: local and international bonds
170
countries
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