Aug 05 2012
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Morocco considers Oct for $1bln sovereign bond
RABAT, Aug 5 (Reuters) - Morocco plans to sell sovereign bonds worth at least $1 billion and will probably do so in October, a senior government source said on Sunday, as it seeks to take advantage of a $6.2 billion lifeline from the International Monetary Fund.
"The bond issue will take place this year, probably in October. We can go for at least $1 billion but we may introduce some terms that can allow institutional investors from the GCC (Gulf Cooperation Council) to subscribe for around half the total," the source said on condition of anonymity pending an official announcement.
On Friday, the IMF approved a $6.2 billion precautionary line of credit for Morocco over two years, which it said the government would treat as "insurance" in case economic conditions deteriorated and it faced sudden financing needs.
(Reporting By Souhail Karam; Editing by Pravin Char)
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