Morocco’s phosphates and fertilizer giant OCP has raised $1.5 billion through its first international hybrid bond, marking a milestone as the first African corporate to issue a US dollar‑denominated hybrid instrument on global markets.
The landmark transaction also helped reopen Middle East and North Africa public primary bond markets, which had been dormant for more than a month amid heightened volatility linked to the Iran conflict.
OCP’s inaugural dollar hybrid bond was structured in two tranches. The first matures in April 2031 and carries a coupon of 6.74%, while the second matures in April 2036 with a coupon of 7.37%.
The bonds were arranged by BNP Paribas, Citi, and JPMorgan, the document said.
Investor appetite was strong despite geopolitical uncertainty. The order book peaked at just under $7 billion, representing an oversubscription of 4.6 times, prompting OCP to increase the size of the offering.
A total of 176 investors from 23 countries took part in the transaction, underlining broad international demand.
