Morocco’s OCP offers dollar-denominated 10-year and 30-year bonds; price talk emerges

By Rebecca Melvin

Concord, N.H., June 8 – OCP SA was seeing strong interest in its planned benchmark offering of U.S. dollar-denominated senior bonds due in 10 and 30 years, according to a market source.

Order books were in excess of €50 billion at the time revised guidance was released. The notes were being guided to yield in the area of 7 basis points over 10-year Italian treasuries.

Barclays, BNP Paribas and JPMorgan are joint dealer managers of the Rule 144A and Regulation S deal for which investor calls commenced on Tuesday.

The company also announced an invitation to purchase for cash up to $1 billion of its outstanding $1.25 billion of 5 5/8% notes due 2024 and $1 billion 4½% notes due 2025, subject to the successful settlement of the bond offering and other conditions.

OCP is a state-run phosphate company that is based in Casablanca, Morocco.

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