Morning Brief june 19th, 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | BANK OF AFRICA | Issuance of a subordinated perpetual bond loan worth MAD 500 Mn
AMMC approved, on June 16th 2023, a prospectus related to the issuance by Bank Of Africa of a subordinated perpetual bond loan with loss absorption and coupon payment cancellation mechanism for an amount of MAD 500 Mn. The risk premium varies be-tween 210 BPS and 230 BPS while the subscription period runs from June 22nd to 26th 2023 included.

ECONOMIC HEADLINES
| TUNISIA | FOREIGN TRADE | Reduction in the trade deficit at the end of May 2023
At the end of May 2023, Tunisia’s exports rose by 11.3% to TND 25,903.7 Mn. Likewise, imports increased by 2.4% to TND 34,005.9 Mn. In this context, the trade deficit narrowed by 18.4% to TND -8,102.1 Mn, corresponding to a coverage rate of 76.2%. The latter shows an improvement of 6.1 pts compared to the same period of 2022.

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