Tunisie Leasing & Factoring to Issue Subordinated Bond "TLF Subordonné 2025"
Tunisie Leasing & Factoring will issue a subordinated bond, "TLF Subordonné 2025", aiming to consolidate the company's equity and maintain flexibility regarding prudential ratios. The operation, announced yesterday, seeks to mobilize 15 million Tunisian dinars (Mtnd), potentially increasing to 20 Mtnd, through a public savings appeal. A single 5-year maturity is offered at a fixed gross rate of 9.25% (or 7.4% net per year). The amortization will be constant, starting from the first year. Annual interest payments and capital repayment will be made at the end of each year, on November 7th. Subscriptions and payments for this bond will be open from October 29, 2025, and will close, at the latest, on November 7, 2025. Closure without notice is possible as soon as the maximum issue amount (20 Mtnd) is fully reached. If the placement amount is less than 20 Mtnd at the end of the subscription period, the issue amount will correspond to the amount actually collected. The bond is provisionally rated 'BB (tun)(EXP)' by Fitch Ratings. The final rating will be published after obtaining the visa from the Financial Market Council and before the start of subscriptions. Like all debt security issues, the operation is expected to be successfully closed, especially since it involves the sector leader. As our readers can see, yields continue to decline from one issue to another. If you plan to invest in private bonds, you should do so quickly before they decrease further.
