According to the most recent official data, during the week of September 18th, the yield curve experienced declines across short-, medium-, and long-term durations. The noteworthy changes occurred primarily at key maturity points. The initial rate increased marginally from 8.43% to 8.41%, while the one-year rate saw a slight decrease from 9.21% to 9.20%. Over the five and ten-year periods, rates changed from 9.86% to 9.84% and from 9.89% to 9.86%, respectively.
Consequently, the government is now securing its domestic loans at a reference rate of 9.86%, specifically for maturities spanning ten years. The tender rate remained stable at 8.01%.
Regarding movements in the rate curve, in terms of incoming transactions, three operations were upheld in the secondary market, totalling an amount of 169.54 million dinars (MD). These operations did not cause any notable shifts in the yield curve.
The rate curve also witnessed the completion of a single transaction on the secondary market, amounting to 50.6 MD.
It’s important to recall that the launch of the rate curve in Tunisia dates back to December 21, 2017, with the aim of visualizing the correlation between interest rate values and their corresponding terms. This curve reflects the market’s remuneration, or interest rates, based on the remaining maturities of debt securities. It is a valuable tool for predicting market trends and assessing the “fair value” of debt securities.
The Curves Supervision Committee, composed of the Ministry of Finance, the Central Bank of Tunisia, the Financial Market Council, and Tunisie Clearing, has recently announced the release of a new version of the rate curve, incorporating National Borrowing at variable rates, which is now available online.
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