Tunisia to sell $1 bln worth of Eurobonds next week

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Tunisia will sell Eurobonds worth $1 billion early next week, a government source said on Saturday.

The North African country had planned the bond sale since the first quarter to help plug a budget deficit but the issue had been delayed several times.

Deutsche Bank, JPMorgan Chase & Co, Citigroup and Natixis have been appointed to handle the sale, the source said.

Last month, the International Monetary Fund approved the payment of a $245 million loan tranche to Tunisia, the fifth under its loan program with the North African country, paving the way for the bond issue.

The loan program is tied to Tunis pursuing economic reforms aimed at keeping its deficit under control.

Tunisia has been praised as the only democratic success among the nations where the “Arab Spring” revolts took place in 2011. But successive governments have failed to trim its fiscal deficit and create economic growth.

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