BNA Bank Launches Subordinated Bond Issue
BNA Bank has entered the bond market with a subordinated loan issue, seeking to raise 70 million Tunisian dinars (Mtnd), which may be increased to 100 Mtnd, without resorting to a public savings appeal.
Authorization and Issue Details
The bank's board of directors has obtained authorization from the Ordinary General Assembly held on April 30, 2025, to issue up to 200 Mtnd over the period until the next annual meeting of shareholders, which will rule on the accounts for the 2025 fiscal year.
Proposed Categories
Three categories are offered, with the same nominal value of 100 Tunisian dinars (Tnd) per bond:
- Category A: 5-year term, annual amortization starting from the first year at a rate of 9.40% or variable TMM + 2.00% (gross)
- Category B: 5-year term, amortization at the end of the term, at a rate of 9.50% or variable TMM + 2.10% (gross)
- Category C: 7-year term with 2 years of grace, annual amortization starting from the third year, at a rate of 9.55% or variable TMM + 2.15% (gross)
Subscription Period
Subscriptions to this loan will be launched on Monday, December 1, 2025, and will be closed, at the latest, on December 19, 2025. They may be closed without notice as soon as the maximum issue amount is fully subscribed.
Objective and Recommendation
The subordinated nature of the loan gives an idea of the issue's objective, which is to improve prudential ratios by strengthening the bank's own funds. For individual subscribers, we believe that Category B is a good deal, as it offers the same characteristics as a 5-year blocked savings account at a significantly better rate. If you have excess liquidity, do not hesitate to take advantage of it.
Conclusion
Given the size of the BNA group, it is certain that the operation will be a success, similar to other operations. This subordinated bond issue is an opportunity for investors to support the bank's growth while earning attractive returns.
