Morocco launches €1 billion 12-year notes to yield 1.6%

By Rebecca Melvin

New York, Nov. 21 – The Kingdom of Morocco launched €1 billion of 12-year notes (expected ratings: Ba1/BBB-/BBB-) to yield 1.6% on Thursday, according to a syndicate source.

The pricing was at the tight end of final guidance of a 1.65% yield, plus or minus 5 basis points, and tightened from earlier guidance in the area of 1.8% and initial price talk in the area of 2%.

Order books at the final yield topped €3.3 billion.

Barclays, BNP Paribas, JPMorgan and Natixis have been mandated to arrange a series of fixed-income investor meetings in Europe beginning on Thursday.

A Rule 144A and Regulation S transaction is expected to follow, subject to market conditions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.