Subscriptions for the second tranche of the 2024 National Bond issue, set at 700 million dinars, with the possibility of increasing to a higher amount, will be open from May 6 to 13, according to the decree issued by the Minister of Finance on April 8.
Subscriptions for this second tranche may be closed or extended before this date in accordance with the decree setting out the characteristics and conditions of this tranche and the opening and closing dates for subscriptions, which was published in the Official Gazette of the Tunisian Republic (JORT) on April 12.
The date of accrual of interest will be the date of settlement and delivery of the securities, i.e. the second business day following the closing date for subscriptions for the second tranche, i.e. May 15, 2024. Subscriptions for this second tranche will be made at par, i.e. at 100% of the nominal value of the securities, according to the subscriber’s choice in the following three categories:
-Category “A” (reserved exclusively for individuals): With a denomination of 10 dinars and a repayment period of five years, including a grace period of four years. The principal of the securities is repaid in a single installment, i.e. the fifth and final installment.
-Interest is payable annually in arrears at a fixed nominal rate (9.75%) or a variable rate (average money market rate (MMR) + 1.70%), at the option of the subscriber.
– Category “B”: With a nominal value of 100 dinars per security and a repayment period of seven years, including a three-year grace period.
The principal is repaid in four equal annual installments. Interest is payable annually in arrears at a fixed nominal rate (9.80%) or a variable rate (MMR+1.75%), at the option of the subscriber.
– Category “C”: With a nominal value of 100 dinars per security and a repayment period of ten years, including a two-year grace period. The principal is repaid in eight equal annual installments. Interest is payable annually in arrears at a fixed nominal rate (9.95%) or a variable rate (MMR+1.95%), depending on the subscriber’s choice.
The Treasury managed to raise 1,033.7 million dinars for the first tranche of the 2024 National Loan, exceeding the amount initially set at 750 million dinars, representing a response rate of 138%, according to Maher Zouari, Managing Director of Tunisie Clearing.
The amounts subscribed came from stock market brokers and banks, with subscription rates of 67% and 33% respectively.
