Tunisair's Second Bond Issue: A Step Towards Stabilization
Tunisair launched its second bond issue in November 2025, aiming to collect 124.8 million Tunisian dinars (Mtnd). The operation was closed on November 20, 2025, with a total amount of 100.8 Mtnd.
Subscription Breakdown
The subscriptions were evenly distributed across four categories:
- Category A: 25.2 Mtnd, fully paid
- Category B: 25.2 Mtnd, to be paid between December 11 and 20, 2025
- Category C: 25.2 Mtnd, to be paid between January 12 and 20, 2026
- Category D: 25.2 Mtnd, to be paid between February 11 and 20, 2026
The Category E, which targeted 4.8 Mtnd to be paid between March 11 and 20, 2026, did not attract any investors.
Overall Outcome
Overall, the airline was able to mobilize 126 Mtnd between the two operations, allowing it to stabilize its treasury, at least in the short term. This issue constitutes a positive step in the long journey of recovery. The state is playing a dual role, providing crucial financial support to its flagship airline while earning a return on its investment.
Future Challenges
Now, it is essential to address Tunisair's structural difficulties, particularly its punctuality and fleet size. The choice of monthly repayment sends a strong signal to the company and the market, demanding tangible and immediate performance from the management. Each deadline becomes a credibility appointment.
A Model for Other Public Entities
This mechanism could serve as a model for other public entities. The financial market has the means to contribute to the recovery of key public companies.
