Treasury Faces a Relatively Quiet February After a Challenging January
Indeed, January was one of the most complicated months for the Treasury, which had to repay a colossal amount of debts, particularly external ones. Now, it's entering February with a relatively light calendar that shouldn't pose any problems. The internal debt maturities are as follows:
- BTC 52 weeks 11/02/2025: 54.6 billion TND
- BTCT 13 weeks 13/02/2025: 26.0 billion TND
- BTCT 26 weeks 18/02/2025: 60.0 billion TND
- BTC 52 weeks 26/02/2025: 235.0 billion TND
As for external debt, there are no significant maturities scheduled. The calendar only includes a tranche of 25.6 million USD to be paid to the International Monetary Fund as part of the facility obtained during the 2016-2019 program. In total, the repayments would amount to 457 billion TND, a sum that is easily mobilizable.
We believe that the time is ripe for the issuance of the first tranche of the 2025 national loan. The repayments are not numerous, and March includes a large maturity of 900 billion TND, which will occur at the end of the month. Therefore, a good window of opportunity is presenting itself. The current conditions will allow for the mobilization of at least 1,200 billion TND, which corresponds to the objectives.
The short-term priority should be the rapid rebuilding of net foreign exchange assets, which depends on overall economic activity and not just one operator. The current level is acceptable, but it does not allow for a smooth functioning of exchanges. If the economy operates efficiently, wealth will be created and will find its way into banks, in the form of invested savings, among other things, and, in a second stage, into state-issued debt securities.
