Morning Brief décember 19th, 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | CFG BANK | Technical results of the IPO
The technical results of CFG Bank Initial Public Offering are the following :
- Share price: MAD 110;
- Subscribed amount: MAD 20,842,881,180;
- Total allotted amount : MAD 599,999,950;
- Number of requested shares : 189,480,738 shares;
- Number of allotted shares: 5,454,545 shares;
- Number of subscribers: 23,634;
- Average satisfaction rate of Demand: 2.88%.

| MOROCCO | BCP | Issuance of a subordinated bond loan worth MAD 1 Bn
AMMC approved, on December 18th 2023, the prospectus related to the issuance by BCP of a subordinated bond loan with a ma-turity of 10 years for an amount of MAD 1 Bn. The risk premium ranges between 40 BPS and 60 BPS while the subscription period is scheduled from December 25th to 27th 2023 included.

| MOROCCO | BCP | Issuance of a perpetual subordinated bond loan worth MAD 300 Mn
AMMC approved, on December 18th 2023, the prospectus related to the issuance by BCP of a subordinated perpetual bond loan with loss absorption and coupon payment cancellation mechanism for an amount of MAD 300 Mn. The risk premium ranges be-tween 200 BPS and 230 BPS while the subscription period is scheduled from December 25th to December 27th 2023 included.

ECONOMIC HEADLINES
| CEMAC | GDP | BEAC forecasts a growth rate of 2.2% in 2023
According to the Bank of Central African States, the growth rate of economic activity within the CEMAC region should stand at 2.2% in 2023 compared to 2.8% in 2022, taking into account a more pronounced decline in oil activity. In 2024, BEAC forecasts a growth rate of 3.1%.

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