Treasury's July Calendar: A Breather After a Busy June
After a busy June, the Treasury can take a breather in July. The calendar features three key dates for internal debt repayment:
- BTCT 26 weeks, maturing on 11/07/2025: 32 million Tunisian dinars (MTND)
- BTCT 52 weeks, maturing on 15/07/2025: 1,000 MTND
- BTCT 26 weeks, maturing on 18/07/2025: 185 MTND
In total, the Treasury needs to repay 1,217 MTND. We believe this will be achieved through the issuance of Treasury Bills (BTA), as was the case in June. The June series of BTA issuances has already helped alleviate the burden of scheduled repayments for 2026. Subscribers are likely to be interested in securing long-term yields, depending on their Asset Liability Management (ALM) policies.
On the external debt front, there are:
- The second tranche of debt contracted with Saudi Arabia: 50 million US dollars (MUSD)
- A tranche of IMF financing obtained under the Extended Credit Facility 2016-2019: 25.6 MUSD
This amounts to approximately 219 MTND, bringing the total bill for the month to nearly 1,653 MTND. While this is a significant amount, it is still manageable for the Treasury.
The second half of the year will be significantly easier, as the bulk of the repayments have already been made. This means a less complicated budget execution process. Given the current situation, we think it is unlikely that the Treasury will opt for bond issuance this year, although it remains a possibility. Upcoming budget execution reports will provide more details, particularly on the use of the financing line with the Central Bank of Tunisia (BCT). In any case, the hardest part is behind us in terms of debt, but it's still ahead of us in terms of economic growth recovery.
