Sovereign Analysis /
Tunisia

Tunisia: Upgrade to Hold with bonds near recovery value

  • IMF programme still looks unlikely given fraught political backdrop and labour opposition to costly wage/subsidy cuts

  • Not clear debt is sustainable as it’s likely to rise towards 100% of GDP over next 5 years, even with ambitious reforms

  • The bonds are trading just above recovery value in light of the ongoing sell-off; upgrade from Sell to Hold

Tunisia: Upgrade to Hold with bonds near recovery value
Patrick Curran
Tellimer Research
14 June 2022
Published byTellimer Research

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