Having arranged the debut securitization for the North African republic of Tunisia, Moroccan boutique shop Maghreb Titrisation plans to do more. The investment bank has a contract to lead two more RMBS for Banque Internationale Arabe de Tunisie (BIAT) and is encouraging two or three other clients to follow suit, according to Maghreb CEO Hicham Karzazi.

While BIAT's deal, which closed May 22, went to only locals, Karzazi said that Middle Eastern investors might become buyers of Tunisian structured paper in the future. "There's a big appetite for assets in the Maghreb region coming from the Middle East," Karzazi said. "In Morocco, they buy dinar [denominated] deals directly; why not in Tunisia?"

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