Morocco raised 2.25 billion euros through an international bond issuance, according to reports from local media, in a deal that has drawn criticism over the government’s lack of communication with markets ahead of the sale.
The euro-denominated offering was split into two tranches with maturities of eight and 12 years, le360 reported citing anonymous sources.
Unlike past sovereign issuances, authorities did not announce a roadshow or provide advance guidance to investors, a departure from standard practice in international debt markets where such communication is typically key to building demand.
The apparent media blackout has raised questions among market participants about transparency and investor relations.
Up to the final hours before the transaction, sources close to the finance ministry were still downplaying the likelihood of an imminent bond sale, according to local reports.
The issuance was about twice oversubscribed, suggesting solid but relatively weaker demand compared with Morocco’s previous eurobond sale in 2025, which attracted orders exceeding three times the amount offered.
The transaction comes at a time of increased fiscal pressure as the government plans to add 20 billion dirhams ($2 billion) in spending to support subsidies, flood recovery and other emerging spending due to the war in the Middle East.
