Tunisia successfully wrapped up a $1bn ten-year USD-denominated sovereign bond issue that earned a fixed coupon of 5.75%, the central bank said in a statement. The bond issue, which was arranged by JP Morgan, Citi and Natixis, lured $4bn in offers from 270 global investors.
The strong investor demand reflects renewed confidence in Tunisia’s medium-term outlook following the successful parliamentary and presidential elections that took place at end-2014. The strong demand also prompted the Tunisian government to up the bond issue from the previously planned $500mn, the central bank underscored.
Tunisia held roadshows for the bond between January 16-26 in New York, Los Angeles, Boston and European countries.
Besides bridging the budget gap in 2015 the bond issue will also help lift Tunisia’s FX reserves. The 2015 budget implies TND29bn ($15.7bn) in spending, up 6% y/y, and 5% of GDP deficit, narrowing from an expected 5.8% gap in 2014. The budget bill also forecasts a 3% GDP growth in 2015.
Related Articles
Egypt signs oil and gas exploration deals with Dragon Oil, Perenco and Apache worth over $121mn
Egypt’s Ministry of Petroleum and Mineral Resources signed three agreements on September 14 – with UAE-based Dragon Oil, and French independent Perenco Egypt and its US peer Apache Egypt ... more
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Egypt set to receive $500mn tranche from IMF Resilience and Sustainability Facility before end-2025
Egypt is set to receive the first tranche of $500mn from the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF) before the end of 2025, Asharq Business reported on ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago