The Kingdom of Morocco has set initial price guidance on a reopening of its 2022 and 2042 US dollar bonds.
The sovereign, rated BBB-/BBB-, has set initial price thoughts of 220bp area over US Treasuries (equivalent to 4.125% area) for a tap of its 4.25% USD1bn December 2022 note and of 237.5bp area over Treasuries (equivalent to 5.5% area) for a tap of its 5.5% USD500m December 2042 note.
The size of the reopening is still to be determined.
Barclays, BNP Paribas, Citigroup and Natixis are the leads on the 144A/Reg S transaction, which is expected to launch and price today.
