The objective of the symbolic threshold of 5 billion dinars is not far from being achieved. After the performance recorded in the second half of 2020, collective investment vehicles continue to break all records. Bond UCITS continue the upward trend in January 2021. They attracted an additional 244 MTND in net terms. UCITS owe their good performance to the decision to apply a withholding tax rate of 35% on investments that yield a return above MMR+1%.
The other factor that favours these funds is the performance of the equity market. Since the beginning of the year, the Tunindex has not managed to move into positive territory. The activity indicators confirm that the context remains difficult and that the signs of a real recovery are still with absent subscribers.
Recall that in 2020, the performance of some bond UCITS exceeded 8% in net. Collective investment vehicles are mainly placed in bonds and government debt securities. The first emissions are already promising.
Hannibal Lease is already setting the bar high with a subordinated bond issue, the fixed part of which is remunerated at 10%. Ditto, the latest issue from the Treasury, in the form of an exchange auction, shows that risk aversion is still strong. The weighted average rate used for the BTA line 7.3% December 2027 was 9.2%. UCITS will, according to forecasts, have an unprecedented 2021.