Tunisia has ridden the wave of positive sentiment for investment grade sovereigns and EMEA diversification plays to deliver a $650m 10 year bond - $150m larger than expected and 5bp tighter than the $1bn 10 year issue for South Africa that preceded it. The bond followed South Africa's lead in tightening 5bp spread in the immediate aftermarket, though on relatively few trades, supported by a small rally in Treasuries. However, the bond underperformed South Africa by some 10bp later in the week.
April 26, 2002
