Morocco has issued €2 billion ($2.2 billion) in euro-denominated bonds, marking its first such sale in five years, to help finance infrastructure and development projects related to the 2030 FIFA World Cup, which it will co-host with Spain and Portugal, Bloomberg reported.
Citing a source familiar with the deal, Bloomberg said the offering—comprised of four-year and ten-year notes—has drawn investor bids exceeding €6.75 billion. The sale is €500 million larger than initially anticipated, reflecting strong market demand.
The four-year bond was priced at a spread of 155 basis points over midswaps, lower than the initial estimate of 190 basis points, while the ten-year note was set at midswaps plus 215 basis points, also below earlier projections.
Morocco has historically tapped international debt markets to fund major projects and currently holds the highest non-investment grade rating from major credit agencies. The country raised $2.5 billion in debt last year, with its bonds gaining value in 2024.
Bloomberg previously reported that Morocco had enlisted four global investment banks—BNP Paribas, Citigroup, Deutsche Bank, and JP Morgan—to manage the bond issuance. The banks are working alongside Morocco’s Treasury in a roadshow targeting investors in Paris and London.
The Moroccan government has also appointed Lazard as its exclusive financial advisor to ensure the bonds are structured optimally and well-received by global investors.
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