The amount of the third tranche of the 2023 national bond issue has been set at 700 million dinars, with the possibility of increasing to a higher amount, according to the decree issued by the Minister of Finance on August 11, 2023. This decree sets out the characteristics and terms of the third tranche of this bond, which was published in the Official Gazette of the Tunisian Republic (JORT) on August 14. Subscriptions to this third tranche will be open from 5 to 12 September, although the subscription period may be closed or extended before this date. Subscription to the third tranche of the 2023 national bond issue will be available in the following three categories, at the discretion of the subscriber: - Category (A): With a nominal value of 10 dinars per unit and a repayment period of five years, including three grace years. The principal amount of the units is repaid in two equal instalments. The interest is paid annually in arrears at a fixed or variable nominal rate, at the option of the subscriber, as follows: - Fixed rate: 9.75% per annum, calculated on the remaining nominal amount of each bond at the beginning of each interest payment period. - Variable interest rate: Market Monetary Rate (MMR) published by the Central Bank of Tunisia (BCT) plus 1.70% gross per annum, calculated on the remaining nominal value of each bond at the beginning of each interest payment period. This rate corresponds to the arithmetic average of the MMR for the twelve months preceding the interest payment date, plus 170 basis points. Category "A" is reserved for individual subscriptions. - Category (B): With a nominal value of 100 dinars per unit and a repayment period of seven years, including two grace years. The principal amount of the units is repaid in five equal instalments. The interest is paid annually in arrears at a fixed or variable nominal rate, at the option of the subscriber, as follows - Fixed rate: 9.80% per annum, calculated on the remaining nominal amount of each bond at the beginning of each interest payment period. - Variable interest rate: Market Monetary Rate (MMR) published by the BCT plus 1.75% gross per annum, calculated on the remaining nominal value of each bond at the beginning of each interest payment period. This rate corresponds to the arithmetic average of the MMR for the twelve months preceding the interest payment date, plus 175 basis points. - Category (C): with a denomination of 100 dinars per unit and a repayment period of ten years, including two grace years. The principal is repaid in eight equal instalments. The interest is paid annually in arrears at a fixed or variable nominal rate, at the option of the subscriber, as follows: - Fixed rate: 9.95% per annum, calculated on the remaining nominal amount of each bond at the beginning of each interest payment period. - Variable interest rate: Market Monetary Rate (MMR) published by the BCT plus 1.95% gross per annum, calculated on the remaining nominal value of each bond at the beginning of each interest payment period. This rate corresponds to the arithmetic average of the MMR for the twelve months preceding the interest payment date, plus 195 basis points. Subscriptions to the National Bond Issue and the acquisition of units may be made in any of the three aforementioned categories without the requirement to pay interest. In this case, by completing the subscription form, the subscriber undertakes not to accept or claim interest.

Source: Agence Tunis Afrique Presse