Morocco has launched a benchmark euro-denominated dual-tranche bond offering, marketing 8- and 12-year notes at initial price thoughts of mid-swaps plus 200 basis points area and 230 basis points area, respectively.

The bonds will carry fixed annual coupons and are structured under Rule 144A/Regulation S format, targeting institutional investors. Settlement is scheduled for 26 May 2026.

Books opened on Tuesday, with BNP Paribas, Citi, Deutsche Bank and J.P. Morgan acting as joint lead managers, while Lazard is serving as financial adviser.

Proceeds from the issuance will be used for general government purposes, with the notes expected to be listed on the London Stock Exchange and cleared via Euroclear and Clearstream.

Morocco is rated Ba1 with a positive outlook by Moody’s, BBB- stable by S&P and BB+ stable by Fitch.

Rabat's public external debt reached $567.7 billion as of end of 2025, representing 30.4% of GDP.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com