Morocco Issues $3Bn Bonds

Morocco’s Ministry of Economy and Finance, on Wednesday, said it issued bonds worth $3 billion in the international financial market.

The $3 billion bonds sold by the Moroccan government has maturities of 7, 12 and 30 years, with interest rates respectively of 2.4 per cent, 3 per cent and 4 per cent.

According to the statement, the amounts raised were $750 million, $1 billion and $1.25 billion from each tranche, respectively.

The issue of the triple-tranche bond marked Morocco’s return to the dollar bonds after an absence of seven years, the statement said, adding that the sale has exceeded $13 billion and the issue was oversubscribed more than four times.

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According to the official data, Morocco’s economy is expected to contract by 6.3 per cent in 2020 amid the COVID-19 pandemic.

The government debt would soar to 75.3 per cent of GDP from 65 per cent in 2019, and the deficit expected to widen to 7.8 per cent of GDP from 4.1 per cent in 2019.

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