Capital Market Emissions See Significant Improvement in 2025
The year 2025 witnessed a notable improvement in capital market emissions. Total emissions reached 367,507 million Tunisian dinars (Mtnd), representing a 38.2% increase compared to 2024. Listed companies contributed 156,446 Mtnd, while unlisted companies accounted for 211,060 Mtnd.
Breakdown of Emissions
In terms of cash, emissions totaled 235,500 Mtnd, up from 130,143 Mtnd in 2024. Incorporations of reserves reached 67,446 Mtnd, down from 76,636 Mtnd in 2024. Additionally, there were recapitalizations through debt compensation totaling 64,560 Mtnd, up from 59,060 Mtnd in 2024.
Overall Market Performance
Considering the emissions of debt securities, which reached 1,506,300 Mtnd in 2025 (compared to 496,400 Mtnd in 2024), the market reported a total of 1,873,807 Mtnd last year. This represents a significant breakthrough compared to 2024.
Outlook for 2026
The current year poses questions, as the end of 2025 was marked by an increase in bond issuances by credit institutions, reducing the likelihood of their return to the market in the first half of 2026. As for the Treasury, we are convinced that it will reduce its interventions in the market this year, especially with a secured envelope of 11,000 Mtnd from the Central Bank of Tunisia.
Dependence on IPOs and Capital Increases
The 2026 figures will truly depend on the calendar of initial public offerings (IPOs) and capital increases, particularly by unlisted companies. One thing is certain: liquidity is abundant, and the decline in interest rates will push investors to accept an additional dose of risk.
