BNA Bank Launches "BNA Subordinated 2026-1" Bond Issuance
BNA Bank has announced the issuance of a subordinated bond, designated "BNA Subordinated 2026-1," without a public offering to retail investors.
Authorization and Issuance Details
The Ordinary General Assembly, held in late April 2026, authorized the credit institution to issue bond and/or subordinated debt up to a total amount of 200 million TND (MDT). This authorization remains valid until the next General Assembly.
The Board of Directors has set the initial issuance amount at 70 million TND, with the possibility of increasing it to a maximum of 100 million TND.
Bond Categories and Terms
Four categories are offered to shareholders, each with a nominal value of 100 TND:
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Category A:
- Maturity: 5 years
- Interest Rate: Fixed gross rate of 8.45% or variable gross rate of TMM + 1.45% per annum
- Amortization: Constant amortization
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Category B:
- Maturity: 5 years
- Interest Rate: Fixed gross rate of 8.60% or variable gross rate of TMM + 1.60% per annum
- Amortization: Bullet repayment (in fine)
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Category C:
- Maturity: 7 years (including a 2-year grace period)
- Interest Rate: Fixed gross rate of 8.65% or variable gross rate of TMM + 1.65% per annum
- Amortization: Constant amortization starting from the 3rd year
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Category D:
- Maturity: 7 years
- Interest Rate: Fixed gross rate of 8.85% or variable gross rate of TMM + 1.85% per annum
- Amortization: Bullet repayment (in fine)
Subscription Period
Subscriptions will open on November 10, 2026, and will close no later than November 25, 2026.
Strategic Rationale and Market Outlook
BNA Bank aims to strengthen its net equity and improve its risk concentration ratios. The bank’s activities have grown at a sustained pace this year, accompanied by high exposure to public enterprises. This growth necessitates adequate levels of coverage and solvency, which this issuance is designed to achieve.
Market analysts view this as a favorable opportunity to deploy current excess liquidity in the market. It is expected that the operation will close quickly, with the final amount reaching the upper end of the proposed range (100 million TND).
