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Bond Market News

BCT’s Offshore Bonds Rally As World Bank Moves to Restore Tunisia Aid Program 

Dollar and Euro denominated bonds of the Central Bank of Tunisia (BCT) rallied by 2-4% across the curve. This comes after the World Bank and the Tunisian government agreed on a new partnership framework which will go up to the multilateral lender’s board for approval. If approved, this would provide a relief to the nation amid a decline in living standards, poverty and financial stresses due to subsidies on basic goods, especially fuel. In October last year, Tunisia had reached a staff-level agreement with the IMF, but its directors have yet to review and approve the deal.

BCT’s bonds have been trending higher over the last month, up by ~15% amid positive talks with the IMF. BCT’s 5.624% 2024s were up 3.7 points to trade at 81.

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