2024: A Sluggish Year for Capital Market Issuances
The year 2024 was marked by a lack of dynamism in capital market issuances. The total value of issuances reached 265,839 million Tunisian dinars (Mtnd), with 100,735 Mtnd from listed companies and 165,104 Mtnd from unlisted ones.
In terms of cash, there were only three issuances totaling 130,143 Mtnd: BTE (24,099 Mtnd), Société d'Assurances El Amana Takaful (6,043 Mtnd), and Tunisian Saudi Bank (100 Mtnd), with the latter still ongoing.
Reserve incorporations reached 76,636 Mtnd, carried out by BIAT (25,500 Mtnd), SFBT (20,625 Mtnd), Amen Bank (23,280 Mtnd), and Smart Tunisie (7,231 Mtnd).
Meanwhile, the Banque de Financement des Petites et Moyennes Entreprises (BFPME) underwent a capital reduction of 90,000 Mtnd, offset by a recapitalization of 59,060 Mtnd through debt settlement.
Overall, taking into account the 496,400 Mtnd in bond issuances as of December, the market was able to raise 762,239 Mtnd for businesses in 2024. Compared to the 5,100 Mtnd collected through the national bond issue, this amount can only be considered modest at best.
However, the outlook for next year is promising. Despite the Treasury's continued significant issuances on the primary market, the two planned IPOs (BNA Assurances and Taraji Holding), combined with the growing presence of microfinance institutions on the corporate side, should already instill a positive dynamic. Magasin Général may also concretize its authorization to issue bonds, obtained during its recent General Assembly. Liquidity will be highly sought after, and a good return will be necessary to convince investors.
