Tunisian Bond Market Shows Contrasting Trends Between 2021 and 2025
The Tunisian bond market has exhibited contrasting trends between 2021 and 2025, with an increase in outstanding balances but a decline in the number of subscribers and disparities according to the types of bonds.
Market Overview
According to the latest data from Tunisie Clearing, the Tunisian bond market is evolving at multiple speeds, reflecting a diversity of investor behaviors. During the first nine months of 2025, the total number of subscribers reached 669, with an outstanding balance of 725.5 million dinars. While individual investors remain the most numerous, their participation in the outstanding balance is limited to only 6%.
In contrast, 203 corporate entities hold 94% of the outstanding balance, with nearly 40% subscribed by insurance companies (33) and 27% by investment funds (81). The share of the 16 subscribing banks stands at 6.9%, representing an outstanding balance of 228 million dinars. The remaining 36% comes from other sectors, with a total outstanding balance of over 673 million dinars.
Trends by Bond Type
The report highlights that monitoring the evolution of the market by bond type reveals contrasting trends, reflecting the diversity of investment behaviors over the 2021-2025 period.
- Ordinary Bonds: The trend is towards a decline in the number of subscribers, with an average annual decrease of 12.5%. This contrasts with the outstanding balance, which has increased moderately by 6% per year, from 1.140 billion dinars in 2021 to over 1.456 billion dinars in 2025.
- Subordinated Bonds: The number of subscribers has recorded a slight decline over the 2021-2025 period, with an average annual rate of -1.2%. In contrast, the outstanding balance for this type of bond has fluctuated, increasing from 1.710 billion dinars in 2021 to over 2.110 billion dinars in 2023, before decreasing to 1.842 billion dinars in 2025.
- Participatory Securities: These have shown a significant decline over the same period, with an average annual decrease of 55%, from 112.187 million dinars to approximately 4.6 million dinars.
Evolution by Nature of the Bond
The report also highlights a contrasting evolution of the market according to the nature of the bond, whether it is a public savings appeal (APE) or not (Non-APE).
- APE Bonds: The decline in the number of subscribers over the 2021-2025 period was accompanied by an average annual decrease in the outstanding balance of 4%, from 1.821 billion dinars to 1.560 billion dinars.
- Non-APE Bonds: In contrast, the outstanding balance of Non-APE bonds has increased at an average annual rate of 11%, from 1.141 billion dinars to approximately 1.742 billion dinars over the same period.
