New Issue: Morocco prices €1 billion 1½% 12-year notes to yield 1.6%

By Rebecca Melvin

New York, Nov. 22 – The Kingdom of Morocco priced €1 billion of 1½% 12-year notes (expected ratings: BBB-/BBB-) at 98.916 to yield 1.6%, or a yield spread of mid-swaps plus 139.7 basis points, according to a syndicate source on Friday.

Pricing of the Rule 144A and Regulation S transaction was at the tight end of final guidance for 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%.

Barclays, BNP Paribas, JPMorgan and Natixis were joint lead managers of the notes.

Issuer:	Kingdom of Morocco
Amount:	€1 billion
Description:	Senior notes
Maturity:	Nov. 27, 2031
Bookrunners:	Barclays, BNP Paribas, JPMorgan and Natixis
Coupon:	1½%
Price:	98.916
Yield:	1.6%
Spread:	Mid-swaps plus 139.7 bps
Trade date:	Nov. 21
Settlement date:	Nov. 27
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S
Price talk:	Guided to 1.6%-1.7%, from 1.8% area and initial talk of 2% area

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