The Order of the Minister of Finance of April 8, 2024, establishing the features and conditions of the issue of the second tranche of the 2024 national bond and the date of opening and closing of subscriptions was issued today at JORT. The portion of the second tranche of the 2024 National Bond Loan is fixed at 700 million dinars and it is likely to be raised to a higher amount.
Subscriptions to this second tranche are open between May 6, 2024 and May 13, 2024; subscriptions may be shut before this date or may be extended. Subscriptions to this second tranche are open between May 6, 2024 and May 13, 2024; subscriptions may be closed before this date or may be expanded . The date of enjoyment of interest is set on 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, namely May 15, 2024. Subscription to the second tranche of the 2024 National Bond Loan can be accomplished according to the choice of the subscriber, in the following three categories:
Category A
With a nominal value for each security of 10 dinars and a repayment period of five years including four grace years. The principal of the securities will be repaid in a single tranche, i.e. in the fifth and final tranche. Interest is payable annually in arrears at a fixed or variable nominal interest rate depending on the subscriber’s choice, as follows:
– Fixed interest rate: 9.75% per year, calculated on the outstanding nominal value of each bond at the start of each period for which interest is paid.
– Variable interest rate: Money Market Rate (TMM published by the BCT) plus 1.70% per year calculated on the outstanding nominal value of each bond at the start of each period for which interest is paid. This rate corresponds to the arithmetic average of the TMM of the last twelve months preceding the interest payment date increased by 170 basis points. The twelve months concerned begin the month of May of year N-1 and end the month of April of year N. Subscriptions to category “A” are reserved exclusively for individuals.
Category B
With a nominal value for each security of 100 dinars and a repayment term of seven years including three grace years. The principal of the securities will be refunded in four equal annual instalments. Interest is payable yearly in arrears at a fixed or variable nominal interest rate depending on the subscriber’s choice, as follows:
– Set interest rate: 9.80% per year, estimated on the outstanding nominal value of each bond at the beginning of each period for which interest is paid.
– Variable interest rate: Money Market Rate (TMM published by the BCT) plus 1.75% per year calculated on the outstanding nominal value of each bond at the commencement of each period for which interest is paid. This rate corresponds to the arithmetic average of the TMM of the last twelve months preceding the interest payment date increased by 175 basis points. The twelve months involved start the month of May of year N-1 and end the month of April of year N.
Category C
With a nominal value for each security of 100 dinars and a repayment period of ten years including two grace years. The principal of the securities will be repaid in eight equal annual instalments. Interest is payable yearly in arrears at a set or variable nominal interest rate depending on the subscriber’s choice, as follows:
– Fixed interest rate: 9.95% per year, calculated on the outstanding nominal value of each bond at the beginning of each period for which interest is paid.
– Variable interest rate: Money Market Rate (TMM published by the BCT) plus 1.95% per year calculated on the outstanding nominal value of each bond at the start of each period for which interest is paid. This rate equals to the arithmetic average of the TMM of the last twelve months preceding the interest payment date increased by 195 basis points. The twelve months concerned start the month of May of year N-1 and end the month of April of year N. Note that subscription to the three categories “A”, “B” and “C” will be at par, i.e. 100% of the nominal value of the securities.
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