Tunis: Subscriptions to the 2nd tranche of the 2024 National Bond Issue, set at TND 700 million will open from May 6 to 13, according to an order issued by the Finance Minister on April 8. Financial analysts are optimistic about the success of the fund-raising process, which will take place at a good time in the economic situation. Subscriptions for this second tranche may be closed before this date, or it may be extended, according to the order setting out the characteristics and conditions of the issue of this tranche and the opening and closing dates for subscriptions, published in the Official Gazette of the Republic of Tunisia (JORT) on April 12. The interest accrual date is set at the date of settlement and delivery of the securities, i.e. the second business day following the closing date for subscriptions to the second tranche, i.e. May 15, 2024. The Treasury succeeded in raising TND 1,033.7 million for the first tranche of the 2024 national bond issue, thus exceeding the amount initially set at T ND 750 million, i.e. a response rate of 138%, stated Tunisie Clearing Managing Director Maher Zouari. The subscribed sums came from stock market brokers and banks, with subscription rates of 67% and 33%, respectively. Financial analyst Bassem Naifer told TAP that all the conditions for success have been met, considering that the Finance Ministry is sending a positive message to the market and investors by choosing to raise less in the second tranche (TND 700 million) than in the first tranche (TND 750 million), since the government has already secured TND 7 billion from the Central Bank of Tunisia. "The timing of this issue is very propitious," he said, affirming that "there are no major debt repayments in May 2024, with the exception of the repayment of TND 448 million in the form of 13-week short-term treasury bills which were borrowed at the beginning of last year and repaid on May 2." Source: Agence Tunis Afrique Presse
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