BIAT Announces Second Subordinated Bond Issue
BIAT has announced the issuance of a second subordinated bond, without public offering, BIAT Subordinated 2025-2. The board of directors has been granted authorization by the Ordinary General Meeting of shareholders on April 28, 2023, to issue up to 800 million dinars in bonds over a period of 3 years. This is the second operation this year, with the first allowing the bank to mobilize 150 million dinars.
Key Details of the Issue
- The current issue is for 100 million dinars, which can be increased to a maximum of 150 million dinars.
- Four categories are being offered to shareholders, with the same nominal value of 100 dinars:
- Category A: 5-year term, annual amortization at a fixed rate of 9.40% or variable at TMM + 2.15%.
- Category B: 5-year term, final repayment at a fixed rate of 9.50% or variable at TMM + 2.25%.
- Category C: 7-year term, with a 2-year grace period, annual amortization starting from the 3rd year at a fixed rate of 9.55% or variable at TMM + 2.30%.
- Category D: 7-year term, final repayment at a fixed rate of 9.80% or variable at TMM + 2.35%.
Subscription Period
The subscription period will start on November 10, 2025, at the bank's counters and will close on November 28, 2025, at the latest. Subscriptions can be closed without notice as soon as the maximum amount of the issue is fully subscribed. If the placement amount is less than 150 million dinars at the end of the subscription period, the subscriptions will be extended until December 12, 2025, with the interest accrual date remaining the same.
Objectives of the Issue
The operation aims to improve regulatory ratios and strengthen the bank's capital, allowing it to continue its growth serenely. The operation is expected to be closed successfully and well before the first deadline. We are talking about the undisputed leader in the sector and one of the best signatures in the Tunisian debt market.
