Assahafa.com
Morocco issued on March 26th a bond on the international financial market for € 2 billion in two tranches, the Ministry of Economy and Finance announced on Wednesday.
The first tranche, with a 4-year maturity and an amount of €900 million, was issued at a spread of 155 basis points (bps) and a price of 99.775%, offering a yield of 3.937% and serving a coupon of 3.875%, the ministry said on its website.
Meanwhile, the second tranche, with a 10-year maturity and an amount of €1.1 billion, was issued at a spread of 215 bps and a price of 99.276%, offering a yield of 4.843% and a coupon of 4.75%, according to the same source.
This issuance saw met with strong demand from international investors, with an order book exceeding €7 billion, confirming Morocco’s attractiveness among international investors.
It also contributed to diversifying Morocco’s financing sources and set new benchmarks on Morocco’s credit curve in the euro compartment. Placed with quality investors, the issuance was well received and achieved broad geographical distribution.
The issuance follows a roadshow, in Paris and London, led by Minister of Economy and Finance Nadia Fettah, accompanied by a delegation from the Treasury and External Finance Department (DTFE), where they engaged with 55 investors.
The roadshow was an opportunity to highlight the Kingdom’s political stability, the resilience of its economy and the reforms carried out under the enlightened leadership of His Majesty King Mohammed VI.
The issuance was carried out in 144A/RegS format to allow broad participation by investors worldwide.
Source: map
