Highlights

Successful Issuance of Morocco on the international financial market : 29/09/2010

Successful Issuance of Morocco on the international financial market

The Ministry of Economy and Finance announced September 29th 2010 in London, that the Kingdom of Morocco successfully placed a bond issue of 1 billion euros on the international financial market, with a maturity of 10 years and an interest rate of 4.50%, that is a risk premium of 200 basis points.

This issue was well welcomed by international investors met within the framework of the road show held in London, Paris, Frankfurt, Munich, Amsterdam, The Hague, Zurich and Geneva. During this meeting, Mr. Salaheddine MEZOUAR, Minister of Economy and Finance, presented the progress made by our country both in terms of reforms dynamics, accelerating the pace of major works, consolidating the macroeconomic framework and prospects for economic and social development in Morocco.

This favourable welcome reflects the international financial community`s confidence in the current stability of our country and its future prospects. This trust is also confirmed by the double "investment grade" rating obtained from Standard & Poor`s and Fitch Ratings.

The total demand from these investors exceeded 2.3 billion euros with a broad diversification in terms of investor profile and geographical distribution.

In this transaction, banks that accompanied Morocco as Lead managers are Barclays, HSBC and Natixis. Attijariwafa Bank, BMCE, Morocco Central Banque and DZ Bank AG were as Co-lead managers.

It`s worth recalling that the last issue made by Morocco on the international financial market dates back to June 2007 and was about $ 500 million with an interest rate of 5.375% or 87.5 basis points more than the current program.