TUNISIA: Tunisair Considers $8 Million Bond Issue

TUNIS, Tunisia

• Tunisair says it will seek ordinary general assembly approval for a bond issuance of TND 24 million (USD 8.0 million).
• The meeting is to authorise the issuance in either one or several tranches within a maximum of 12 months from the meeting date and to delegate the board the powers to set the bond's terms and conditions.
• The bond is to be issued as a private placement, without a public offering.
• A second resolution grants the company’s legal representative or agent full powers to complete the required legal registrations, publications and other formalities.
• The OGM is slated for 10 November 2026 in Tunis.
• Tunisair is owned by the Tunisian government (74.42%), Air France (5.58%), with the remaining 20% free float stock.
• According to its latest published financials, during 2Q26, Tunisair managed stable passenger volumes (656,248 passengers, down 1% year-on-year) and improved its fleet punctuality to 54.0% (from 39.0% in 2Q25) despite regional conflicts.
• However, its passenger load factor declined to 71.6% (from 75.2%), even as fleet utilization increased to 9.97 hours per day (up from 8.70 hours) and total available seat kilometers grew by 2%.
• Financially, passenger revenues remained steady at TND 393 million (USD 135.52 million) with an average yield of TND 599 (USD 206.55), although profitability was heavily compressed.
• Surging jet fuel costs — skyrocketing 93% to TND 164 million (USD 56.55 million) due to soaring Brent prices — alongside higher maintenance and financial costs, drove total indebtedness up 23% to TND 728 million (USD 251.03 million) despite liquidity reaching TND 153 million (USD 52.76 million).

Source:

• Rtci
• Bourse Tunis