Fungible Treasury Bond (BTA) is a bond issued monthly by the State with a nominal value of 1,000 TND.
The purchase price is expressed as a percentage of the nominal value. The interest coupon is fixed, annual and in arrears. The duration of the issue varies from 5 years to a maximum of 30 years.
Reimbursement is made upon maturity.
BTAs are tradable on the stock exchange.
Fungibility consists in the creation of several loans at different dates and for the same maturity.