Executive Summary
Morroccan Treasury : A New record fundraising in a crucial context
After an issue of £á 1.0 Bn last September, the Moroccan Treasury succeeded this month the largest foreign currency
fundraising in its history, equivalent to $ 3.0 Bn. Thus, Morocco is joining the club of countries which made record issuances in 2020, such as Egypt with $ 5.0 Bn.
Benefiting from an oversubscription rate of 4.0x, this new dollar-denominated Eurobond issue was divided into 3 tranches with more attractive spread levels than those observed during the last issue. In more details:
- The 1st one of $ 750 Mn over a 7 year maturity and associated with a 175 BPS spread ;
- The 2nd one of $ 1.0 Bn over a 12 year maturity and associated with a 200 BPS spread ;
- Finally, the 3rd one of $ 1.25 Bn over a 30 year maturity and associated with a 4.0% interest rate.
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