The Kingdom of Morocco issued, on May 19, 2026, a bond on the international financial market amounting to 2.25 billion euros in two tranches. The first installement, with a maturity of 8 years and amounting to 1.25 billion euros, was issued at a spread of 170 basis points and a price of 99.402%, thus offering a yield of 4.842% and carrying a coupon of 4.750%. The second tranche, with a maturity of 12 years and amounting to 1 billion euros, was issued at a spread of 200 basis points and a price of 98.570%, thus offering a yield of 5.289% and carrying a coupon of 5.125%.
This operation, led by Mrs. Nadia FETTAH, Minister of Economy and Finance, accompanied by a delegation from the Treasury and External Finance Department, was highly successful among international investors. It forms part of the strategy of balancing domestic and external financing sources and enabled our country to establish new benchmarks in the euro segment.
Placed with high-quality investors, with an order book that reached 5.2 billion euros, this issuance benefited from broad geographical diversification, thus reflecting the quality of Morocco’s credit standing and the confidence it enjoys within the international financial community.
Executed for the first time in Intraday mode, this transaction took place following the non-deal roadshow organized in Asia in September 2025. It constituted another opportunity to highlight the political stability enjoyed by Morocco, the resilience of its macroeconomic framework, as well as the momentum of the reforms undertaken under the enlightened leadership of his majesty king Mohammed VI, may God assist him.
The issuance was carried out under the 144A/RegS format, thereby allowing broad participation from investors around the world.