Morocco Raises 2.25 Billion Euros on International Markets
Morocco Successfully Executes a Bond Issuance Worth €2.25 Billion
On May 19, 2026, the Kingdom of Morocco completed an international bond issuance totaling €2.25 billion, structured in two tranches, as announced by the Ministry of Economy and Finance.
A Two-Tranche Operation
The first tranche, with a maturity period of 8 years, amounts to €1.25 billion. It was issued with a spread of 170 basis points, a price of 99.402%, and offers a yield of 4.842%, along with a coupon of 4.750%.
The second tranche has a longer maturity of 12 years, totaling €1 billion. It was issued with a spread of 200 basis points, a price of 98.570%, and a yield of 5.289%, accompanied by a coupon of 5.125%.
Strong Demand from International Investors
According to the ministry, the operation, spearheaded by Minister of Economy and Finance Nadia Fettah along with the Treasury and External Finance Directorate (DTFE), was met with “significant success” in the international markets.
The order book reached €5.2 billion, showcasing strong interest from investors and significant geographical diversification.
Confidence in Morocco’s Creditworthiness
The ministry emphasizes that this issuance aligns with the strategy of balancing domestic and foreign financing while allowing the Kingdom to strengthen its standing in the euro debt market.
This issuance follows a non-deal roadshow in Asia in September 2025, highlighting Morocco’s macroeconomic stability and the reforms underway under the leadership of King Mohammed VI.
A Structurally Attractive International Operation
The issuance was conducted in a 144A/Reg S format, facilitating broad participation from international investors and reaffirming the financial attractiveness of Morocco in global markets.
