Internal Debt Repayment Calendar Relatively Light for August 2024
The internal debt repayment calendar is relatively light for August 2024, with only one date, August 23, 2024, featuring two lines:
- BTC 52 weeks 23/08/2024: 700 MTND
- BTC 26 weeks 23/08/2024: 60 MTND
Everything has been programmed in advance to minimize market intervention during this month, known for its vacations. However, the Treasury has other ongoing projects, including the preparation of the third tranche of the National Bond Issue, announced last week.
With a targeted amount of 700 MTND, the final collection is expected to be significantly higher. Public expenditure needs for the new school year are high, and the context is favorable for mobilizing more resources. Bond-based investment funds (OPCVM) hold sufficient resources (5,611 MTND as of the end of July 2024), and interest rates have not been modified compared to previous sovereign bond issues. The chosen amortization method, which remains unchanged for different categories, offers a much more attractive return than corporate bonds currently available on the market.
We believe that the 1 billion dinar threshold will be exceeded for the third time this year, and that by the end of the fourth tranche, the 4.5 billion dinar mark will be reached, an absolute record for a single budget year.
It's worth noting that the external debt calendar is also relatively light, with 25.6 million USD in repayment for an IMF loan tranche and 14 million USD for a credit obtained from the FMA. A brief respite before the end-of-year rush.
