Morocco successfully sells 1 billion euro in dual-tranche bond
Morocco has completed a successful sale of a 1 billion euro two tranche bond with 5.5 year and 10 year maturity at a rate of 1.375% and 2% respectively, in a deal that reflects the trust enjoyed by the country among international financial institutions despite the difficult context of the pandemic.
Demand on the bond exceeded 2.5 billion euros from 197 investors, the finance ministry said in a statement, adding that the sale comes after an online roadshow by finance Minister Mohamed Benchaaboun.
The roadshow put forward Morocco’s reforms and its attractiveness to investors as well as the measures taken to beef up the economy and help it face the consequences of the coronavirus pandemic.
Morocco, which has an investment grade from credit rating agencies, also plans another bond in 2021.