Morocco Raises €1 Billion in Euro-Bond Issue Amid Pandemic Uncertainty

The first tranche, with a maturity of 5 and a half years, is priced at 99.374% and has a yield of 1.495%, i.e. a coupon of 1.375%, while the second, with a maturity of 10 years, is priced at 98.434% and has a yield of 2.176%, i.e. a coupon of 2%, explains the Ministry of Economy and Finance in a press release.

The department of Mohamed Benchaâboun is pleased that this issue, which took place in a difficult context marked by uncertainties related to the evolution of the Covid-19 pandemic and its impact on the credit quality of issuers, was successful with international investors with an order book exceeding 2.5 billion euros from 197 investors. For the ministry, Morocco owes this success to the confidence it enjoys with international bond investors and rating agencies.

This issue follows a NetRoadshow led by the Ministry of Finance to inform investors of the economic and social measures taken by the kingdom to limit the impact of the effects of the health crisis and boost the recovery of the Moroccan economy, the same source said.