Reuters
Ahmed El Jechtimi
Morocco has issued an international bond of one billion euros, the Finance Ministry said on Friday, at a 1.5% interest rate and with a 12-year maturity.
Demand for the bond, issued on Thursday and Morocco’s first in five years, reached 5.3 billion euros from 285 investors, a ministry statement said.
“This success confirms the trust enjoyed by Morocco among leading international financial institutions and ratings agencies,” the ministry said.
The bond was sold following a roadshow in Paris, Zurich, London, Frankfurt, Amsterdam and The Hague, it said.
Morocco mandated Barclays, BNP Paribas, J.P. Morgan and NATIXIS to arrange the bond.
Moody’s assigned on Wednesday Ba1 rating with a stable outlook to the Moroccan bond, while S&P in October upgraded Morocco’s outlook from negative to stable, while maintaining its BBB-rating.
(Reporting By Ahmed El Jechtimi, writing by Angus McDowall, Editing by William Maclean)
((angus.mcdowall@thomsonreuters.com; Reuters Messaging: angus.mcdowall.thomsonreuters.com@reuters.net))
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