OCP Group, the Moroccan phosphate giant, has completed a 5 billion dirham issue of perpetual subordinated bonds through a public offering fully subscribed by domestic institutional investors. The transaction reinforces the group’s economic equity and financial flexibility, and sits within its broader strategy of proactive capital management in support of its industrial transformation and sustainable development program.
The instrument is hybrid in nature, combining characteristics of debt and equity. Its perpetual and subordinated structure, together with the option to defer interest payments, confers it favorable treatment in the context of the group’s financial architecture. This is OCP’s fourth such domestic hybrid issuance, confirming its command of the instrument and the sustained confidence of the domestic investor community in the quality of its credit signature.
The offering was structured around four tranches with staggered reference maturities, allowing the group to address the preferences of different investor categories. The deal attracted a broad base of institutional participants, including collective investment vehicles, insurance and reinsurance companies, and pension and retirement funds. CDG Capital and Attijari Finances Corp. served as advisers to the transaction, while CDG Capital and Attijariwafa Bank managed placement.
The domestic transaction follows OCP’s landmark international hybrid issuance in April 2026, in which the group raised $1.5 billion in the first hybrid bond ever issued in US dollars by an African corporate. That offering, arranged by BNP Paribas, Citi and JP Morgan, was 4.6 times oversubscribed and drew participation from 176 investors across 23 countries, with coupons set at 6.74 percent and 7.37 percent for the 2031 and 2036 callable tranches respectively.
OCP’s underlying financial performance provides the context for this sustained appetite. The group posted revenue growth of 17 percent in 2025, reaching approximately 114 billion dirhams, on solid market conditions and strong demand from key importing regions. In the first quarter of 2026, revenue stood at 20.1 billion dirhams, with an EBITDA margin of 28 percent and a gross margin of 60 percent, underscoring the group’s structural cost competitiveness despite higher sulphur prices.
