* Seeking to raise 2 bln dirhams
* Issue priced 30-50 bps above govt 7-year T-bill (Adds details, background)
RABAT, Sept 21 (Reuters) – Moroccan phosphate producer Office Cherifien des Phosphates (OCP) is seeking to raise 2 billion moroccan dirhams ($244 million) this month from its maiden bond issue as the state-owned monopoly seeks to diversify sources of financing amid tight liquidity in the domestic market.
OCP has priced the seven-year domestic bond at between 30 and 50 BPS above the 3.96 percent yield offered on the government’s treasury bills of the same maturity, the issue’s prospectus showed. Subscription starts on Thursday and closes on Sept. 26.
The bond issue should help OCP, the country’s top export earner, to diversify sources of financing as it plans to spend close to 98 billion dirhams by 2020 to boost its global leadership in phosphate and fertiliser markets.
The government holds a 94 percent stake in OCP’s capital of 8.3 billion dirhams and the remainder is owned by Morocco’s Banque Centrale Populaire
