BTK Leasing Prepares to Enter Private Debt Market with Subordinated Bond Issue
BTK Leasing is gearing up to launch on the private debt market with a subordinated bond issue, "BTK Leasing Subordinated 2025-1". The company's board of directors has obtained authorization from the latest General Assembly of Shareholders, held on April 7, 2025, to issue up to 80 million Tunisian dinars (Mtnd) until December 31, 2026.
Given the subordinated nature of the issue, the objective is to consolidate the company's equity and maintain a margin of maneuverability vis-à-vis prudential ratios.
The operation announced yesterday aims to mobilize 30 Mtnd through a public savings appeal. A single maturity of 5 years is proposed, with two possible rates: a fixed rate of 9.40% gross (7.52% net per annum) and a variable rate of TMM + 2.25%. The amortization will be constant and will begin from the first year. The annual interest payment and capital repayment will be made on the due date of September 17 each year.
Subscriptions and payments for this bond issue will open on August 29, 2025, and will close, at the latest, on September 17, 2025. Early closure without notice is possible once the maximum issue amount (30 Mtnd) is fully reached. If the placement amount is less than 30 Mtnd at the closing date of the subscription period, the issue amount will correspond to the amount actually collected.
The bond issue is not backed by any particular guarantee. The provisional rating is 'B+ (tun)(EXP)' by Fitch Ratings, with the final rating to be published after obtaining the visa from the Financial Market Council and before the subscription period.
The operation is expected to be successful, especially with the backing of the parent bank, BTK. The market is seeking investment opportunities, and collective investment vehicles have a comfortable treasury pocket to ensure subscription to any market offer.
