Société tunisienne de banque (STB) completed subscriptions to its TND150 million subordinated bond issue on 3 November 2026, ten days ahead of the original deadline. A closing notice published by Tunisia’s Financial Market Council (CMF) on the same day confirmed that the entire amount offered had been subscribed.
Launched on 19 October, the private placement was designed to strengthen the lender’s supplementary capital and support its capacity to take on risk. The issue comprises 1.5 million bonds with a nominal value of TND100 each. STB had planned to accept subscriptions until 13 November, with the option of closing earlier once the full amount had been taken up.
The confirmed subscription total marks a new step beyond October’s announcement of the offer. STB describes the transaction as part of its efforts to strengthen its financial structure. Subordinated debt may count towards regulatory capital, while its lower repayment ranking gives bondholders a different risk exposure from ordinary creditors.
Two seven-year bond categories
Category A offers a 9.05% fixed gross annual interest rate or a floating rate based on Tunisia’s average money market rate (TMM) plus 2.15 percentage points. Category B carries a 9% fixed rate or TMM plus 2.10 points. Investors select their interest-rate option when subscribing.
Both categories have a seven-year final maturity but follow different principal repayment schedules. Category A will be repaid in one instalment on 13 November 2033, while Category B begins annual repayments in November 2029 after a two-year grace period. The first annual interest payment is scheduled for 13 November 2027.
The bonds carry no specific guarantee. In a liquidation, subordinated bondholders would be repaid after preferred and ordinary creditors. The transaction falls under an authorisation granted at STB’s April 2026 annual general meeting for bond issues totalling up to TND500 million over five years.