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RABAT2025-04-06
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Morocco successfully issues €2 billion bond in international markets
Morocco has successfully executed an international bond issuance totaling €2 billion, marking its first such move since 2020. Sources close to the Ministry of Finance indicate that officials were still on site as initial details of the operation began to surface.
To lead this issuance, Morocco enlisted the expertise of BNP Paribas, Citi, Deutsche Bank, and J.P. Morgan, with Lazard serving as the advisor. The operation generated significant interest from investors, with bids exceeding €6.75 billion, according to information reported by Bloomberg on March 26.
The funding was structured in two tranches: €900 million maturing in 4 years, with a spread of 155 basis points over the average swap rate, and €1.1 billion maturing in 10 years, with a spread of 215 basis points.
The terms secured are considered particularly favorable, reaffirming the sovereign quality of Morocco's credit profile.
Morocco holds the highest rating among non-investment grade issuers from the three major rating agencies and had previously raised $2.5 billion in 2023.
The Moroccan government's intent to tap into international markets has been a recurring theme in official discourse, emphasizing the need for favorable market conditions and a timely opportunity.
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