Market Trends at the End of the First Half of 2026
At the close of the first half of 2026, the primary market exhibited a repeated pattern, marked by a predominance of debt securities. In total, issuances reached 501.199 MDT by the end of June 2026, representing a overall decline of 28.5% compared to the same period in 2025 (700.560 MDT).
Debt Securities Dominance
Debt security issuances totaled 490.200 MDT, with 310 MDT mobilized by listed companies and 180.200 MDT by unlisted companies. Although they declined by 16.84% compared to the first half of 2025, these issuances accounted for more than 97.8% of the market's overall activity. The most significant operation was a 250 MDT issuance, followed by Amen Bank and Taysir Microfinance, each with 60 MDT. The Sukuk segment remained inactive during this period, with no operations recorded.
Stock Exchange Trends
On the Stock Exchange, the main trend in terms of equity securities was not towards traditional public savings, but rather towards internal consolidation. The flagship operation of this semester was carried out by Assurances Maghrebia, which incorporated reserves of 10 MDT. This strategy reflects the desire of listed companies to strengthen their financial structure and reassure shareholders in a tight macroeconomic context.
Off-Exchange Transactions
The Off-Exchange segment was marked by a restructuring operation, that of Sodek Sicar. The company reduced its capital by 0.548 MDT, materialized by the cancellation of 109,760 shares. Then, a cash injection of 0.999 MDT was made without resorting to public savings, and was fully subscribed by a consortium of banks, including BH Bank, STB Bank, and BNA Bank.
Conclusion
In the face of a demanding global economic situation, Tunisian companies are maintaining their preference for debt, a behavior partly dictated by the prudential rules of financial institutions. This historical trend is reflected in the rarity of capital increases and the low solicitation of shareholders.
