Tunisia Successfully Raises 5,100 Million Dinars for 2024 National Bond, Exceeding Initial Target
The Tunisian Treasury has successfully raised 5,100 million dinars for the 2024 National Bond, surpassing the initial target of 2,870 million dinars, according to data published by Tunisie Clearing. Over the past four years (2021-2024), national bond issuances have recorded an average growth rate of 30%. The expected amount to be raised in 2025 is estimated at 4,800 million dinars, according to the same source.
Subscription Breakdown: Fixed Rate Preferred Over Variable Rate
In terms of subscription distribution for 2024, between fixed rate, variable rate, and interest-free options, subscribers have shown a preference for fixed-rate bonds over variable-rate bonds. Meanwhile, total interest-free bond issuances have reached 5.22 million dinars. Since 2021, Tunisia has issued national bonds as a financing mechanism for the state budget, given the country's difficulty in accessing international financial markets.
Diversifying Financing Sources
The issuance of national bonds by the state aims to diversify financing sources for the budget.
Bond Categories:
Category A:
- Nominal value per bond: 10 dinars
- Repayment period: 5 years, with 4 years of grace
- Principal repayment: Single tranche at the 5th and final year
- Interest payment: Annual, at a fixed or variable nominal interest rate, depending on the subscriber's choice
Category B:
- Nominal value per bond: 100 dinars
- Repayment period: 7 years, with 3 years of grace
- Principal repayment: 4 equal annual tranches
- Interest payment: Annual, at a fixed or variable nominal interest rate, depending on the subscriber's choice
Category C:
- Nominal value per bond: 100 dinars
- Repayment period: 10 years, with 2 years of grace
- Principal repayment: 8 equal annual tranches
- Interest payment: Annual, at a fixed or variable nominal interest rate, depending on the subscriber's choice
