End of Summer Season to be Calm for the Treasury
The end of the summer season is expected to be calm for the Treasury, much like its first half. The local debt repayment calendar has 5 deadlines, but only one is truly significant, with an outstanding amount of 700 million Tunisian dinars (MTND).
The key dates are as follows:
- BTCT 26 weeks 11/08/2025: 30,000 MTND
- BTCT 26 weeks 12/08/2025: 40,880 MTND
- BTCT 26 weeks 15/08/2025: 60,000 MTND
- BTCT 52 weeks 22/08/2025: 700,000 MTND
- BTCT 26 weeks 25/08/2025: 60,000 MTND
The only question is how the Treasury plans to refinance this debt: through the issuance of BTAs or BTCTs. In our opinion, it would make sense to opt for BTAs if the opportunity arises. Given the social commitments the State is taking on, it will be necessary to create budgetary space next year.
On the external debt front, public information only mentions a tranche of IMF financing obtained under the Extended Credit Facility 2016-2019: 25.6 million USD, equivalent to 74,100 MTND at today's exchange rate.
In total, the repayments will amount to approximately 965 MTND, making for an extremely light month. It's worth noting that September is also a month without significant deadlines, allowing the State to ensure a smooth financial start to the new academic year. The Treasury's current account already shows a balance of 1,537 MTND as of August 1st, which bodes well for the next two months.
This end of the year, significantly less pressured than previous years, confirms that the Treasury does not plan to issue sovereign bonds this year. Its liquidity demand has decreased, paving the way for a potential drop in the benchmark interest rate and offering a wider margin for businesses seeking financing.
