Morocco successfully issues €2 billion international bond
The Kingdom of Morocco announced on March 26, 2025, the issuance of a €2 billion bond on the international financial market in two tranches, as reported by the Ministry of Economy and Finance.
The first tranche, with a maturity of four years, amounted to €900 million and was issued at a spread of 155 basis points (bps) and a price of 99.775%, yielding a return of 3.937% with a coupon rate of 3.875%.
The second tranche, with a maturity of ten years, totaled €1.1 billion and 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%.
This issuance was met with significant interest from international investors, with order books exceeding €7 billion. This response underscores the confidence that international investors have in Morocco.
The bond issuance has diversified Morocco's financing sources and established new benchmarks on the Moroccan credit curve within the euro segment. By targeting quality investors, the bond received a favorable reception, reflected in its broad geographical distribution.
The issuance followed a roadshow conducted in Paris and London, where Minister of Economy and Finance Nadia Fettah, accompanied by a delegation from the Treasury and External Finance Directorate (DTFE), engaged with 55 investors.
This roadshow highlighted Morocco's political stability, the resilience of its economy, and the reforms implemented under the enlightened leadership of His Majesty King Mohammed VI.
The issuance was executed in 144A/RegS format, allowing wide participation from investors worldwide.
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