Chicago, March 2 – The Kingdom of Morocco (Ba1/BB+) detailed its $2.5 billion two-part issue of bonds that priced on Wednesday, according to information provided by a market source.
The $2.5 billion issue was evenly divided between the two $1.25 billion tranches.
The first tranche due March 8, 2028 priced as 5.95% bonds at 98.855 to yield 6.22%, or at Treasuries plus 195 basis points. Guidance was in the 210 bps area.
The second tranche, maturing Sept. 8, 2033, priced as 6½% notes at 99.236 to yield 6.602%, or at Treasuries plus 260 bps. Guidance started in the Treasuries plus 275 bps area.
BNP Paribas, Citi, Deutsche Bank and JPMorgan were the joint bookrunners for the Rule 144A and Regulation S notes.
Lazard was acting as financial adviser to the kingdom.
Proceeds are being used to partially finance the 2023 budget deficit.
Books went above $11 billion with investors evenly split on interest between the two bonds.
| Issuer: | Morocco
|
| Amount: | $2.5 billion
|
| Issue: | Bonds
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| Bookrunners: | BNP Paribas, Citi, Deutsche Bank and JPMorgan
|
| Trade date: | March 1
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| Settlement date: | March 8
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| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor meeting
|
|
|
| Five-year notes
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| Amount: | $1.25 billion
|
| Maturity: | March 8, 2028
|
| Coupon: | 5.95%
|
| Price: | 98.855
|
| Yield: | 6.22%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | Treasuries plus 210 bps area
|
| ISINs: | US617726AN49, XS2595028452
|
|
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| Long 10-year notes
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| Amount: | $1.25 billion
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| Maturity: | Sept. 8, 2033
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| Coupon: | 6½%
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| Price: | 99.236
|
| Yield: | 6.602%
|
| Spread: | Treasuries plus 260 bps
|
| Price talk: | Treasuries plus 275 bps area
|
| ISINs: | US617726AP96, XS2595028700
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