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.
The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more
The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more