Business
Morocco raises 2 billion euros on the international market.
The operation sparked strong interest from investors as demand reached nearly 7 billion euros.
The Treasury successfully completed a bond loan of 2 billion euros on the international financial market, according to Bloomberg.
The operation, which involved the issuance of a Eurobond through 4- and 10-year tranches, attracted investor interest, with demand reaching nearly 7 billion euros.
The risk premiums were set at 215 basis points for the 10-year maturity and 155 basis points for the 4-year maturity, which are below initial estimates.
Morocco, which holds the best non-investment grade rating from the three major rating agencies, sold 2.5 billion dollars in bonds two years ago, and its last euro-denominated debt issuance dates back five years, the agency notes.
Four investment banks (BNP Paribas, Citi, Deutsche Bank, and JP Morgan) were mandated to accompany the Treasury in a roadshow that began on Monday with investors in Paris and London to promote this operation.
Morocco enlisted the bank Lazard as its exclusive financial advisor.
